Discussions initiated by government with stakeholders on ways to boost real estate sector

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By Accommodation Times Bureau

NEW DELHI:

Recently, some real estate developers in a meeting with the government raised their key demands including (reduction of GST, tax concessions and boosting investment).

NBCC chairman and managing director Anoop Kumar Mittal after the meeting said, “the meeting was basically on encumbrances in the real estate sector.’’

He said that developers had raised certain issues and their utmost priority was taxation.

Piyush Goyal, Minister of Finance called the meeting but abstained from it due to some engagements in Parliament.

Instead of FM, the meeting was then chaired by Urban Development Minister Hardeep Singh Puri. The colloquium was attended by many dignitaries including heads of banks, housing finance institutions, direct and indirect tax authorities, RERA authorities, senior officials of states and senior officials of Niti Ayog.

The stress faced by the real estate sector can be clearly witnessed by seeing an undue delay in many projects.

Managing Director of Hiranandani Group Niranjan Hiranandani after the meeting said many suggestions were given regarding the reduction of Goods and Services Tax slab from 18% to 12%.

Also, there was continuous brainstorming on finding out ways to make Real Estate Regulation and Development Act more effective in order to complete the partially finished projects languishing due to a shortage of funds.

The meeting also focused on giving a boost to affordable housing in the country and achieving Prime Minister Modi’s ambitious National Mission for Urban Housing which seeks to provide housing for all by the year 2022.

This meeting, Mittal said, was mainly to perceive the complications in the real estate sector and hear the industry on what Central and State governments could do to improve the ease of doing business.

Further meetings will be held to discuss various issues, he added.

 





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