REALTORS’ apex body CREDAI on Friday demanded that the Government should, in the upcoming Budget, provide tax incentives to developers for building affordable housing projects to cater to rising demand. CREDAI, which represents more than 15,000 developers, also sought an increase in the Rs 45-lakh price cap under the definition of affordable housing. “We have been demanding a change in the definition of affordable housing. The input cost has increased since 2017 when the Rs 45 lakh cap was introduced,” CREDAI National President Shekhar Patel told reporters here.

 

The association is organising a national conclave on December 19-20 in the national capital. In the definition of affordable housing, Patel said, the price cap of Rs 45 lakh should be either scrapped or increased to Rs 90 lakh. He said the association is hopeful for some positive announcements in the Budget 2026 to augment the supply of affordable homes. CREDAI National Secretary Gaurav Gupta said the consumers will benefit if the cap is enhanced, as the GST on affordable homes is only one per cent. To boost the supply of affordable housing, he demanded that the GST paid by developers on work contracts should be reduced to 12 per cent from 18 per cent, as this would bring down the prices of apartments.