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CREDAI Seeks Tax Cuts, Faster Approvals for Affordable Homes
A real estate group called CREDAI-NCR says India’s housing rules have made the property market more trustworthy.
It says the Real Estate (Regulation and Development) Act, or RERA, improved transparency.
However, the group says building projects still take too long to receive approvals.
It also wants taxes to be made more reasonable.
The group says builders cannot claim certain GST input credits, which raises costs.
It says there are not enough skilled workers and good contractors.
Because workers are scarce, construction has become more expensive.
CREDAI-NCR believes faster approvals, lower costs and cheaper land could help make homes more affordable.
CREDAI-NCR says RERA has increased transparency and trust in real estate.
The group is calling for easier business procedures and rationalised taxes to increase affordable-home supply.
CREDAI-NCR President Vishal Gupta cited delays in building-plan approvals and RERA registrations.
Gupta said the absence of GST input credits significantly affects housing affordability.
A shortage of skilled workers and quality contractors is increasing construction costs.
- Who
- CREDAI-NCR President Vishal Gupta and the real estate industry body CREDAI-NCR.
- What
- CREDAI-NCR called for easier business procedures, rationalised taxes and measures to reduce construction costs for affordable housing.
- Where
- At a conference organised by the Confederation of Indian Industry in New Delhi.
- When
- The conference date is not specified in the article.
- Why
- To increase the supply and affordability of homes by reducing approval delays, tax-related costs and construction expenses.
Key facts
- Real estate law
- The Real Estate (Regulation and Development) Act, 2016, known as RERA, was enacted to regulate relationships between homebuyers and promoters.
- RERA’s reported impact
- Vishal Gupta said RERA has brought greater transparency and trust to the real estate market.
- Approval delays
- Gupta cited delays in building-plan approvals, RERA registrations and other compliance processes.
- Tax concern
- The industry body said the lack of GST input credits affects housing affordability.
- Labour shortage
- CREDAI-NCR reported a shortage of skilled workers and quality contractors.
- Construction costs
- The shortage of skilled labour is making the workforce more expensive and increasing construction costs.
Quotes
Vishal Gupta
President of CREDAI-NCR and managing director of Ashiana Housing
“The most important thing that has happened to the real estate market in the last 7-8 years has been RERA and that has brought a significant amount of transparency and trust back into the system. But we also now need to layer it with ease of doing business, thereby reducing the inefficiencies of delay”
thehansindia.com
“There is a delay in building plan approvals. There is a delay in RERA. There are delays in compliance, which is affecting our affordability. The second area is rationalisation of taxes. We do not have input credits on GST in real estate. It is affecting affordability significantly”
thehansindia.com
Sources
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