National Real Estate Development Council on Monday pressed for a hike in deduction on housing loan interest payment from ₹2 lakh to ₹5 lakh and accord infrastructure status to the housing sector in the forthcoming Budget.

Talking to reporters after attending the customary pre-budget meeting with Finance Minister Nirmala Sitharaman, National Real Estate Development Council (NAREDCO) Chairman Niranjan Hiranandani said that efforts are needed to be made to increase the flow of funds to the affordable housing sector.

With the Maharashtra Housing Minister Atul Save calling real estate developers to be part of slum redevelopment process initiated by the state government through various agencies, the National Real Estate Development Council (NAREDCO) has formally requested the state government authorities to allocate 5,000 slum redevelopment projects to the industry body.

The Indian real estate industry is undergoing a period of significant transformation, with evolving consumer expectations, technological advancements, and government initiatives driving this change.

Looking ahead to 2025, industry experts predict that collaboration between developers, policymakers, and stakeholders will be critical to meeting the growing demand for quality housing, sustainability, and cutting-edge technologies.

With India’s housing market witnessing the ongoing housing boom, the year 2024 is being projected as the best year yet, when it comes to home sales, with approx. 3 lakh homes worth Rs 510,000 crore to get registered in top metros by the end of this year. The sales have been largely driven by economic growth and infrastructure improvements, reflecting continuous robust demand and rising capital values.

As the Indian real estate sector undergoes transformative changes, driven by evolving consumer expectations, technological advancements, and government initiatives, collaboration between developers, policymakers and stakeholders will be essential to address the growing demand for quality housing, sustainable practices and cutting-edge technology in 2025, according to industry experts.

The National Real Estate Development Council (NAREDCO), Vidarbha Chapter, will hold its first real estate exhibition, ‘HOMETHON 2.0,’ at Chitnavis Centre, Civil Lines, from January 3 to January 5.

The three-day exhibition will feature over 75 builders and developers from across Vidarbha, showcasing more than 350 properties under one roof, supporting Prime Minister Narendra Modi’s vision of “Housing for All.”

The Telangana Bhu Bharati (Record of Rights in Land) Bill, 2024, which was passed by the state Legislative Assembly is being welcomed by various stakeholders including citizens, real estate community, and bureaucrats.

Real estate developers across the country have urged the central government to reconsider the proposal of bringing FSI (floor space index) and additional FSI charges within the scope of Goods and Services Tax (GST), as the move may trigger an increase in property prices.

The construction industry is growing faster than other sectors in the country. The construction sector in India currently has a business growth rate of about 20%, and this is expected to increase in the future. Due to this, more women should join the construction industry, which is traditionally considered male-dominated, said Niranjan Hiranandani, Chairman of the National Real Estate Development Council (NAREDCO), and a well-known construction professional.

Despite fears of a proposed 100 to 2,000 percent jantri rate hike in the coming months, Gujarat Chief Minister Bhupendra Patel brought a sense of relief to developers at the NAREDCO Property Fest on Saturday.

Top officials from the National Real Estate Development Council (NAREDCO), including Dr Niranjan Hiranandani, NAREDCO’s national chairman, and Gujarat chapter head Suresh Patel, urged the CM to implement a rational increase in jantri rates.