The National Real Estate Development Council (NAREDCO) has asked the government to bring flexibility in the structure of the real estate sector related to taxation and stress on rental housing. In the budget of 2018-19, NREDCO has demanded the government to increase the supply of items related to construction for the builders and increase purchasing power of those who buy the house. Along with this, NREDCO has emphasized the need to emphasize rental housing.
NREDCO President Rajiv Talwar said that the measures for strengthening the real estate sector through budget can be easily done. He said that he wants the builder to be comfortable and buyer can buy houses at low prices. With the development of real estate sector, there will be an increase in GDP.
He said that his organization has demanded to reduce the rates of commodity and service tax in the real estate sector, which would reduce the prices of houses and people get motivated to buy their houses. He said that Prime Minister’s ‘Affordable Housing for All’ scheme should be encouraged. For this, a mechanism should be developed so that the builders can easily construct houses. This plan should not be construed to excessive conditions. He said that NREDCO has put his demands in front of the government and hopefully Finance Minister Arun Jaitley will definitely give attention to him on the budget which will be presented on February 1.