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NARDECO ahead budget 2019, seeks rationalisation of GST on under construction properties

Shaihzad Abid/Rahul Kumar Jha

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New Delhi: National Real Estate Development Council (NAREDC), an apex body of real estate sector, has requested Government to address the key concerns of tho real estate industry and home buyers, offer tax incentives across housing segments and boost buyer’s confidence through a slew of measures in the upcoming interim Union Budget 2019-20.

NAREDCO, the national apex body of real estate sector, has presented its pro-budget memorandum to Ministry of Finance and Ministry of Housing and Urban Affairs, Government of India, where in it has put forward its recommdations for the consideration of the government.

Commenting on the recommendations, NAREDCO President, Niranjan Hiranandini said,”the real estate sector is passing through a difficult phase because of some harsh, through progressive, regulatory and financial reforms undertaken by the government in last 2 years such as demonitisation, RERA, GST and insolvency and bankruptcy code and NPS of bank and NBFC is going up because of Banking reforms.”

Parveen Jain, vice chairman NARDECO, highlighting the key concerns of the industry said, “stressed assets have been a cause of concern for developers always as well as home buyers, who are struggling to get possession of the booked properties. This can become an opportunity if government and landing institutions come forward and arrange required fund to complete the stalled projects. NARDECO calls upon Government, banking institutions and other lenders to infuse liquidity and revive stalled projects.”

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