November 28, 2017

 

The real estate developers in the country are expecting the market to move up in the first quarter of the next financial year after the current issues like GST are resolved.

"We expect the real estate market to stabilise in the last quarter of this fiscal and grow in the beginning of next year,’’ Getamber Anand, national chairman of Confederation of Real Estate Developers’ Association of India (Credai) said.

He said there is a documented shortage of 15 million housing units in the seven metros and another 40 million units in the tier 2 to 4 towns . "The Pradhan Mantri Awas Yojana which offers credit linked subsidy scheme will help boost the housing in the affordable segment. People should make use of it,’’ he said.

In the last couple of years, the real estate rates have corrected 15 to 20% and hence costs have come down.

"Demonetisation, RERA, GST all have had an impact on the real estate sector. We are expecting rationalisation of GST rates housing,’’ Anand, who was here for the Kerala state conference of Credai, said.

"On the one hand the government is pitching for affordable housing and on the other it is keeping the prices of housing materials high." He was referring to GST rates of materials like cement which is still kept in 28% slab. "We would like the government to bring it down to help the real estate sector to grow," he said.

He also appealed to the Kerala government to slash the stamp duty in the state from 10 % to 4 to 5 % that is followed in other parts of the country .

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Source: realty.economictimes.indiatimes.com