Monday, February 8, 2016

Surendra #Hiranandani wants Industry status for the real estate sector the upcoming budget

Surendra Hiranandani, the younger sibling of Mumbai developer Niranjan Hiranandani wants industry status for the real estate sector the upcoming budget.'Getting industry status has been a long pending demand of the real estate sector as developers can avail finances at cheaper rates from financial institutions that will spur economic growth. Currently most industry rules are applicable to the sector, but denial of industry status for funding will only worsen the slowdown in demand because of erosion of capital,' he said in a press statemrnt.

Provision for additional interest exemption/tax-saving on housing loans,simplification of taxes and promote REITs (Real Estate Investment Trusts) and remove roadblocks such as DDT (Dividend Distribution Tax), additional allocation of funds for infrastructure development are some of the other demands of the real estate sector.