Tag Archive: realtors

12% GST will boost real estate sector: NAREDCO

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New Delhi: The GST regime will be a game changer for real estate sector and the 12 per cent GST on construction projects meant for sale to buyers will boost the sector, National Real Estate Development Council (NAREDCO) said on Wednesday. “The GST will be a game changer for industry, including for real estate sector, since it will subsume more than 16 major taxes and levies into a single consolidated tax,” NAREDCO President Parveen Jain said. Additionally, he said, the unified tax regime will stop the unwanted practice of double taxation, which hurt real estate and other sectors, given their cascading effect which inflated prices for end-users. “NAREDCO further hopes that the GST Council will also address the issues related to affordable housing, which was exempt from service tax in the previous tax regime,” Jain said. NAREDCO Chairman…
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Realtors brace for chaos, pain, rising costs as RERA comes closer to reality

Property

The new legislation to regulate the building industry in the country has been welcomed by everyone. AJIT JOHN spoke to builders in the State to understand their reaction to this piece of legislation that will change the modus operandi of many The initial reaction to RERA has been very welcoming. And the general consensus is that it will take three months for the bill to be implemented in the State. The Real Estate Regulation and Development Act will radically overhaul the way the industry is run. The essence of the legislation is to provide protection to the individual interested in buying a house. It is undoubtedly the most important bit of legislation for a sector which has generally functioned like the Wild West. The central law is excellent in principle according to the considered opinions of builders in…
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