Naredco seeks 'bold measures' to resurrect realty sector

Realtors' body NAREDCO urged the Centre to take some "bold fiscal measures" in the Union Budget 2020 to resurrect the real estate sector that is facing "serious challenges" including liquidity crunch.

The realty industry is looking to draw government's attention towards needs to take steps to boost liquidity, lower stamp duty, incentivise rental housing and affordable segment, rationalise taxation and lower home loan interest rates.

Naredco National President Niranjan Hiranandani said that the finance ministry has been apprised of the demands of the industry to meet the challenges.

"The Indian economy has in place the blueprint to evolve into the magic number of $5 trillion but the upcoming Budget has more pressing and urgent issues which cry out for attention and remedial action.

Real estate and urban infrastructure play a crucial role in boosting the economy which calls for an immediate support in terms of ease the liquidity crisis, boost rental housing and also rationalise personal and other forms of taxation," he said.

On liquidity issue, he said the real estate industry is facing serious challenges and needs bold fiscal measures for resurrecting the reeling industry.

The industry has been demanding restructuring of loans or one-time rollover in case of the stressed assets at the options of banks.