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Indian Real Estate News
Budget 2012: Double exemption limit for interest on housing loans, says N Hariharan, Cushman and Wakefield
Source: Source: The Economic Times Mar 04, 2012
With the GDP growth rate slowing to below expectation levels, India Inc is looking at the Finance Minister, Pranab Mukherjee to revive the reform process in the upcoming Union Budget on March 16.

Home sales in most major markets might have improved in the last one quarter, but the country's top real estate firms have been unable to bring down their debt.

Realty sector, facing severe credit crunch due to higher interest rates that had forced the developers to scrap new launches, expects the Union Budget to relax the norms for repatriation of foreign direct investment (FDI) and external commercial borrowings (ECBs) for the sector.

N Hariharan, Office Director, Cushman and Wakefield has emphasized the need for changes in the Direct Tax Code. He has also expressed hope that a doubling of the current exemption limit on interest on housing loans - 1.5 lakh to 3 lakh, will be in the offing. "This is desirable in the interest of the real estate industry owing to growing demand and rising property prices," he has said.

Hariharan also looks forward to financial incentives for IT companies, he feels, will go a long way in aiding the IT and ITES industry simply because there have been no sops for them of late. A hope that the government pushes for FDI in multi-brand retail has also been expressed by him.

Tag: Real estate in india, Property in india, Indian properties
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