The Federation of Indian Chambers of Commerce and Industry (FICCI) has provided certain recommendations for the Union Budget 2021-22, to provide push to affordable housing sector across Tier 1 cities of India.
The Federation of Indian Chambers of Commerce and Industry (FICCI) is of the view that the Union Budget 2021-22 needs to provide impetus to affordable housing, particularly in the metro cities of India. The industry chamber recommended that the stamp duty value for additional deduction provided to first time buyers should be increased to Rs 65 lakh. At present, property stamp valuation cannot exceed Rs 45 lakh.
As opined by FICCI, in its pre-Budget memorandum, the present deduction benefits only helps borrowers in the lower segment across Tier 2 and Tier 3 cities. The industry body recommends increase in the stamp duty valuation for Metro and Tier 1 cities, such as Hyderabad and Pune. The move, as per FICCI, will help in giving a thrust to the affordable segment in these cities.
In addition to this, FICCI also recommended that the period for sanctioning of housing loan and availing deduction should be extended from March 31, 2021, to March 31, 2022.
