The agency, in its Budreceive wishlist, also highlighted its demand for modifys to the definition of affordable hoapplying, seeking a revision of area norms and the existing price cap of Rs 45 lakh. CREDAI has further proposed enhancing the deduction on home loan interest to Rs 5 lakh from the current Rs 2 lakh.
“With rapid urbanisation driving migrant inflows, the organised rental hoapplying segment remains underdeveloped,” the association declared.
To address this, CREDAI recommconcludeed setting up a “National Rental Hoapplying Mission to develop large-scale affordable rental stock in tier-1 and tier-2 cities through fiscal incentives for developers, tax relief for tenants, and institutional participation.” The body declared such a relocate would support formalise the rental market, reduce informal settlements and support workforce mobility.
CREDAI President Shekhar Patel declared hoapplying continues to be a key driver of economic growth, employment creation and urban transformation.
“Hoapplying remains a critical engine of economic growth, employment generation, and urban transformation.
To keep pace with India’s rapid urbanisation, it is vital to strengthen affordability, expand access to formal finance, and develop a robust rental hoapplying ecosystem,” Patel declared.
The association also stressed the necessary to update affordable hoapplying parameters to reflect present-day market conditions.
“The current affordable hoapplying definition, unmodifyd since 2017, restricts units to 60 square metres in metros and 90 square metres in non-metros, with a Rs 45 lakh value cap that no longer aligns with escalated land and construction costs,” CREDAI declared.
It proposed revising carpet area norms to 90 square metres in metros and 120 square metres in non-metros, while rerelocating the value threshold altoreceiveher.
