(MENAFN- KNN India)
Hyderabad, Jul 24 (KNN) The Confederation of Real estate Developers' Associations of India (CREDAI) Hyderabad, the apex body of real estate developers in the city, has expressed support for recent budget announcements aimed at strengthening the real estate sector and promoting inclusive growth in the region.
V. Rajashekhar Reddy, President, CREDAI Hyderabad, welcomed the budget proposals, particularly noting significant infrastructure investments and land-related reforms.
He emphasised the importance of the PM Awas Yojna 2.0, which aims to develop 1 crore homes for urban poor and middle-class families with an investment of 10 lakh crore rupees.
"Investments in infrastructure, urban planning, and digitization of land records are crucial steps towards enhancing the real estate sector in Hyderabad," Reddy stated.
He also highlighted the alignment between Telangana Government efforts and Union Budget initiatives.
B. Jagannath Rao, General Secretary, CREDAI Hyderabad, outlined key changes in capital gains tax rates affecting the real estate sector.
A uniform long-term capital gains rate of 12.5 per cent has been introduced for all asset classes, and capital gains tax on real estate properties has been reduced from 20 per cent to 12.5 per cent.
Indexation benefits for properties held before 2001 have been preserved, allowing valuation adjustments for inflation up to 2001 when calculating capital gains tax.
Rao noted that these changes are expected to stimulate investment in the real estate sector, boost transactions, and improve returns for investors.
The budget also outlines development plans for the Orvakal node on the Hyderabad-Bengaluru Industrial Corridor, which is anticipated to benefit the Hyderabad region.
While specific tax incentives for affordable housing were not explicitly mentioned in the budget, CREDAI Hyderabad remains hopeful for potential initiatives in this area.
The organisation has pledged to work closely with the government and stakeholders to leverage these budget initiatives, aiming to benefit the real estate industry and contribute to the region's overall economic development.
(KNN Bureau)
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