CREDAI called for reforms in realty sector
The Confederation of Real Estate Developers Association (CREDAI), on Wednesday, called for comprehensive reforms in areas related to land administration, banking and taxation to lift the realty sector and support in meeting the shortage of 26 million houses.
CREDAI unveiled 10-point agenda to revive the sector, which is facing demand slowdown due to high interest rates on home loans.
It has sought single-window clearance for projects and increase in FSI (floor space area), besides cut in interest rates on home loan to 7 per cent for lower income group (LIG) and economically weaker section (EWS). For project financing, it has suggested 9 per cent interest rates.
It has also demanded easing of Foreign Direct Investment (FDI) rules in the realty sector and permission for FDI in multi-brand retail.
The other reforms demanded include exemption of income tax, service tax and VAT for affordable housing, creation of special residential zones (SRZs) on the lines of SEZ and more.
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Source: Moneycontrol
Affordable Housing, banking, CREDAI, Demand slowdown, Economically Weaker Section (EWS), exemption, foreign direct investment, FSI (floor space area), Home loans, Income Tax, land administration, lower income group (LIG), Realty sector, reforms, Retail, Service Tax, SEZ, single window clearance, special residential zone, taxation, VAT
