Lalit Kumar Jain, president of the real estate developers' body, CREDAI, says as per the SC order, VAT will have to be paid only post agreement, which means it will be levied on work that is done after the agreement.
It is a highly disappointing budget, said Mr Lalit Kumar Jain, National President of CREDAI (Confederation of Real Estate Developers’ Associations of India).
The future key word for the country is urbanization for growth and survival of the country. Real Estate industry is also a key trigger to the urban development and support to several other industries, apart from being capital and labour intensive.
In order to make property sector transparent and corruption-free, realtors' apex industry body CREDAI today sought Prime Minister's intervention for a single-window clearance for developing projects.
The new Land Acquisition Bill, cleared by the Cabinet yesterday, has sparked off a debate between various stakeholders for whom the Bill matters most.
The Reserve Bank of India's move to raise repo rate by 50 basis points comes as a shock for the real industry as the burden on account of increased rates of interest will hit the developers as well as home buyers, says Lalit Kumar Jain, National President CREDAI.