Govt holds discussion with real estate developers on reduction of GST, boosting investments in the sector

Real estate sector has been facing stress for the past many years leading to undue delay in projects.

Press Trust of India July 20, 2018 12:01:03 IST
Govt holds discussion with real estate developers on reduction of GST, boosting investments in the sector

New Delhi: Reduction of GST, some tax concessions and boosting investment were among the key demands raised by real estate developers at a meeting with the government on Thursday, according to industry players.

The meeting was more on impediments in the real estate sectors, said NBCC chairman and managing director Anoop Kumar Mittal after the meeting. "Developers raised some issues including taxation," he said after the meeting.

Although the meeting was called by finance minister Piyush Goyal, he could not attend it due to engagement at Parliament.

Govt holds discussion with real estate developers on reduction of GST boosting investments in the sector

Representational image. Reuters.

The meeting chaired by Urban Development Minister Hardeep Singh Puri was also attended by heads of Banks, housing finance institutions, direct and indirect Tax Authorities, RERA Authorities, senior officials of states, and senior officials of NITI Aayog.

Real estate sector has been facing stress for the past many years leading to undue delay in projects.

After the meeting, Hiranandani Group MD Niranjan Hiranandani said there were suggestions for reduction of GST (Goods and Services Tax) from 18 percent to 12 percent. Besides, there was a discussion on how to make RERA (Real Estate (Regulation and Development) Act) more effective and complete the unfinished projects languishing due to the shortage of funds.

The meeting also deliberated on giving a boost to affordable housing and National Mission for Urban Housing which seeks to provide housing for all by 2022. This meeting, Mittal said, was basically to understand the problems in the real estate sector and hear the industry on what the Central and state governments could do to improve ease of doing business.

Another meeting will be held to discuss various issues further, he added.

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