CREDAI seeks cut in GST and easier bank financing

Realtors’ apex body CREDAI seeks Government support in reduction of GST, easier bank financing for purchase of land to develop affordable housing and single-window clearance for approval of real estate projects to boost the sector. Talking to Realty Plus, Jaxay Shah, President, Credai, said, “We have 3-4 major demands, we need Govt support in building the national, we are a safest investment industry yet we face issues while getting bank financing for purchasing land, how you expect us to build houses for all, if you won’t give incentives to us, real estate sector faced triple whammy in form of demonetisation, GST and the new real estate laws, we are facing a ‘critical moment’ and we urge the Ministry of Housing and Urban Affair to take up these issues with the government on our behalf.” Further adding, Shah, said, “GST (Goods and Services Tax), rates should be rationalised for the growth of this sector. Like affordable housing, GST should be 8 % for the entire sector to boost demand for under-construction flats.” Getamber Anand, Chairman, Credai, said, “there should be proper land abatement as prices of land differ for city to city.” Pankaj Bajaj, NCR president, Credai, also made his suggestions saying that the government can give abatement on the basis of circle rate for each city. Some of the other pertinent aspects that the Credai member touched upon were- projects approvals, especially environment clearance. It said India’s ranking in ease of doing business will further improve if the government decides to have single-window clearance. Credai, which has about 12,000 builder members in 23 states and 178 city chapters, held two-day conclave in Delhi at Taj Palace Hotel and about 600 developers participated in the event.