HomeUrban NewsKolkataReforms in Bengal Real Estate Sector Urged Before Union Budget

Reforms in Bengal Real Estate Sector Urged Before Union Budget

Reforms in Bengal Real Estate Sector Urged Before Union Budget

As the Union Budget 2025 approaches, real estate stakeholders in West Bengal have voiced a compelling call for policy reforms aimed at catalysing growth in the sector. Acknowledging real estate as India’s second-largest employment generator, industry leaders emphasised the need for initiatives that balance housing affordability, urban development, and infrastructure growth. This comprehensive push for change reflects the sector’s pivotal role in the country’s economic framework, with stakeholders like Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, highlighting sustainable infrastructure development as a national priority.

Developers have proposed revising the definition of affordable housing to expand its benefits. This includes raising the price cap for affordable units from ₹45 lakh to ₹90 lakh, with an annual 5% increment to align with inflation. Another key recommendation involves introducing a credit guarantee scheme for housing loans up to ₹70 lakh, covering 80%-90% of property value, and home improvement loans up to ₹30 lakh. To ease financial burdens on homebuyers, industry experts called for an increase in the interest deduction limit for first-time homeowners from ₹2 lakh to ₹5 lakh and exempting annual rental income up to ₹20 lakh from taxation. Simplifying the GST structure to a single rate of 1% for all housing units also remains a priority for builders.

From a sustainability angle, the sector has urged for the reintroduction of the Credit-Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana (PMAY), particularly for the youth below 40 years. Providing subsidies of 3%-4% on housing loans would make homes more accessible while fostering community development. Reducing long-term capital gains tax to 10% and lowering the holding period for property eligibility to 12 months were also highlighted as critical measures. Additionally, stakeholders recommended standardising and reducing stamp duty rates across states, offering rebates to first-time homebuyers to stimulate growth.

Civic and urban development advocates have underscored the importance of these reforms to ensure housing remains a fundamental right rather than a luxury. Reducing tax burdens and simplifying GST structures would empower middle-class families to invest in homes while creating a ripple effect on job creation and economic progress. Furthermore, a unified approach to stamp duty and infrastructural expansion would enhance urban mobility and environmental sustainability. With real estate integral to achieving India’s growth ambitions, the proposed reforms align with long-term economic and ecological goals.

RELATED ARTICLES
- Advertisment -spot_img

Most Popular

Recent Comments

Panipat Godrej Acquires 43 Acres For Luxury Housing Development

Panipat Godrej Acquires 43 Acres For Luxury Housing Development

0
Godrej’s project, provisionally named Godrej MSR City, is planned to cover a vast 56 lakh square feet, featuring a blend of luxury apartments and...
PMAY 2.0 Backlog Prompts Bhubaneswar To Order Urgent ULB Verification

PMAY 2.0 Backlog Prompts Bhubaneswar To Order Urgent ULB Verification

0
Amid concerns over Odisha’s slow PMAY 2.0 progress, Bhubaneswar’s housing department has urged urban local bodies to expedite verification of 82,382 pending applications. With...
ARCHITECTURAL VISION AND URBAN REGENERATION AT BHENDI BAZAAR

ARCHITECTURAL VISION AND URBAN REGENERATION AT BHENDI BAZAAR

0
By FURQAN ANSARI, Design Manager, Saifee Burhani Upliftment Trust’s redevelopment project at Bhendi Bazaar. The redevelopment of Bhendi Bazaar represents an extraordinary journey that blends...
Berger Paints Unveils Eco Innovation for Bangladesh

Berger Paints Unveils Eco Innovation for Bangladesh

0
Berger Paints Bangladesh has launched a pioneering suite of eco-friendly products and initiatives that bring together cutting-edge innovation, environmental responsibility, and social empowerment—all while...
Bollywood Actor Randeep Hooda Buys 1,530 Sq Ft Versova Flat for Rs 5.63 Crore

Bollywood Actor Randeep Hooda Buys 1,530 Sq Ft Versova Flat for Rs 5.63 Crore

0
Bollywood actor Randeep Hooda has purchased a premium 1,530 sq ft apartment in Mumbai’s upscale Versova neighbourhood for ₹5.63 crore. The property, located on...