Expectations from Budget 14-15 - Mr. Mehul Thakur â€“ Director, Viva Homes
"Infrastructural development has been at the forefront of the new government's agenda on account of its potential to propel economic growth significantly. We have already seen the positive impact of infrastructure development on the real estate markets. Therefore, it is essential that growth of the sector be maintained and policies and incentives to boost the development of the sector are introduced.
We have great expectations from this budget, starting with support to incentivize affordable housing and permit higher tax exemption limits on interest and principal repayments for home buyers. The government should also focus on ensuring a separate industry status for real estate which will help Boost Domestic Bank lending, Foreign Direct Investment and External Commercial Borrowing. Since the deduction of Rs. 1, 50,000 for interest paid on home loan was introduced in 2010, the property rates have skyrocketed and multiplied four or five times. We request the government to enhance the limit of interest payment of loan to at least Rs. 5 Lakhs per annum. This will give impetus to the housing industry, thus boosting the economy in the long run."