Naredco seeks loan interest rate sops

NEW DELHI: Realtors' body Naredco on T hursday urg ed the go vernment t o hik e deduction on home loan interest to Rs 5 lakh fr om Rs 2 lakh limit at present and r eintroduce sub vention scheme in the upcoming Budget to boost sales of residential properties and create housing revolution.

The associa tion also sought incenti ves f or rental housing and mor e str ess funds to help complete distressed and stalled projects.

"Last three years have been extremely difficult for the real estate industry. The reforms like demonetisation and realty law RERA as well as the liquidity challenges in the NBFCs post-IL&FS crisis hit demand. T he indu stry went thr ough tough times ," Naredco National Pr esident Niranjan Hiranandani told r porters through a video conference.

He said the central government an d some sta tes lik e Maharashtra ha ve tak en various decisions to boost housing demand, b ut mor e needs to be done.

Listing out the association's key pre-Budget demand, the Naredco President said there is a need to rationalise personal taxes as it for corporates.