Credai against Centre plan to ‘reduce rates’, demand sops
The Confederation of Real Estate Developers Association of India (Credai) has opposed the Union commerce and industry minister Piyush Goyal proposal to reduce the rates of unsold inventory. Further, the body has demanded sops from the central government to help boost the real estate sector.
Credai vice-president Shantilal Kataria told TOI that they sent a letter to this effect to the Centre. “In the past five years, there has been no increase in real estate prices. Instead of telling us to ‘reduce rates’, the Centre should give sops to ensure the real estate sector picks up,” Kataria said. “The Cement and steel are getting more expensive, labour contractors are hiking rates, builders are absorbing part of the GST burden because of no input tax credit. Corporation taxes, stamp duty, premiums, etc, have not reduced. How can they expect further reduction?” Merchant said. NAREDCO president Niranjan Hiranandani said rates cannot be reduced unless changes were made to Section 43 c (a) of the Income Tax Act, which prevent developers from selling below RR rates.
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