Visakhapatnam: Construction companies said the increase in the income tax exemption limit to Rs 12 lakh and the hike in the TDS threshold on rent from Rs 2.4 lakh to Rs 6 lakh are expected to boost housing sector, said chairman of Credai Visakhapatnam chapter chairman K.S.R.K. Raju.Talking to this correspondent, Raju said the Budget’s focus on infrastructure, housing and regional development was welcomed but Credai sought more incentives for affordable housing and home loan interest exemptions.He said the real estate sector had hoped for additional measures, which included greater incentives for affordable housing, an increase in the home loan interest exemption, which they consider long-static, and a revision of the affordable housing definition based on dwelling unit size rather than a fixed Rs 45 lakh valuation nationwide.Credai believed such measures would have further strengthened housing affordability and market stability.Raju said the federation welcomed the Rs 1 lakh crore Urban Challenge Fund, aimed at improving urban planning and development, the enhanced UDAN scheme for strengthened regional connectivity, the Rs 15,000 crore SWAMIH Fund 2 to expedite stalled housing projects; and the allowance of benefits on two self-occupied properties without conditions, expected to encourage homeownership.“The establishment of the Urban Challenge Fund and the structured PPP roadmap will provide the much-needed impetus for infrastructure growth, attract large-scale investments and ensure a holistic transformation of our cities,” Raju said.
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