Builder’s Body NAREDCO has urged the Indian government to bring under construction housing projects in 12% GST slab from existing 18% along with 50% abatement for land from prevailing 33%. This, according to the body, will bring tax rate at the level of around 6% of the property cost. The body has submitted its pre-budget memorandum, outlining various recommendations and suggestions and requested for due consideration by the government. Another long pending demand from builder fraternity is the industry status to real estate sector. “Industry status is something which is long overdue to the sector. Government should help developers in getting better access to funds and also incentivize homebuyers to create demand for the sector, which is facing a lot of challenges”, said Rajeev Talwar, Chairman, NAREDCO. For ease-of-doing business and attract investment, NAREDCO has also suggested an online, streamlined and centralized project approval procedure.
Source: [MagicBricks]
