Affordable housing should be given infra status: Omaxe

The affordable housing should be given infrastructure status. "We expect that the government will do it," said Rohtas Goel, Rohtas Goel.

Here is a verbatim transcript of the exclusive interview with Rohtas Goel on CNBC-TV18.

Q: What is your expectation from this budget? What should they do to jumpstart sale of housing?

A: I cannot say what they will be. But our number one expectation is about the 80 I(B) (Section 80 I(B)). 80I(B) should be reinstalled with some amendments.

Secondly, affordable housing should be given infrastructure status. These two are in our wishlist and we expect that the government will do it. The Parekh Committee also had described this affordable housing to be given infrastructure status. These are the wishlist from the developers’ side.

Now from the banks’ side as well, when you buy a house today, the tax deduction on the interest side is Rs 1.5 lakh. It should go up to Rs 3 lakh. Today, Rs 1 lakh is the principal amount and that should be Rs 2 lakh. This tax deduction starts after the possession of the house. That should be started immediately after one starts paying the EMI.