NAREDCO calls for boost to rental housing in upcoming budget

Realtors body NAREDCO has demanded a boost to rental housing in the upcoming budget from the government through incentives like 10-year tax holiday to real estate developers on profit earned from the business. "In view of the housing shortage in the country and the objective 'Housing for All by 2022' as also in view of the fact that all cannot afford ownership housing, we need to give a big boost to 'Rental Housing'," NAREDCO President Niranjan Hiranandani said. In its budget wish-list, NAREDCO has recommended various incentives to promote rental housing in a big way. It suggested that 10-year tax holiday be given to real estate developers on profits earned from rental housing. That apart, the association sought deduction on expenses like interest and brokerage. As customers prefer fully-furnished flats, NAREDCO said depreciation should be allowed on furniture and fixtures as well as on apartments.