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Budget 2016: CREDAI expects push towards infrastructure status, Real Estate Bill, single window clearance

CREDAI expects infrastructure status, passage of the Real Estate Regulatory Bill, single window clearance and simplification taxes from Budget 2016

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India's real estate self regulatory body Confederation of Real Estate Developers Association of India (CREDAI) put forward its expectations from Budget 2016 which included long pending demands of the sector such as granting it infrastructure status, passage of the Real Estate Regulatory Bill, single window clearance and simplification taxes.

Manoj Gaur, President of CREDAI NCR said, “Getting infrastructure status has been long pending demand of real estate sector and this time too we expect that the sector be given infrastructure status so that developers can avail finances at cheaper rates from financial institutions.

Deepak Kapoor, President of CREDAI Western UP said, “Our second important demand is the single window clearance system so that we can fulfil our promise of on-time delivery. Single window clearance has been a dream but if cleared it would bring dedicated authority with great influence on speed of getting clearances because delays eat away the profits and customer confidence."

Gaurav Gupta, General Secretary of CREDAI Raj Nagar Extension said, “We are looking forward for the passage of Real Estate Regulatory bill which would boost customer confidence and will help in building good bonding between builders and home buyers. We are very glad that interest rates have been brought down to a great extent last year and we hope that the rates do not go high again so that customers remain operational in the market."

Gaur further said that slashing down the prices of products of allied construction industries like cement, steel and other building materials is also necessary for bringing down the overall cost of construction.

"We also expect that there should be simplification of taxes. Real Estate Investment Trusts (REITs) should be exempt from taxes on rent, stamp duty, transfer of assets and distribution of dividends so that these trusts become efficiently functional. We also seek doing away with the provisions that makes it mandatory for transactions to happen at minimum circle rates ascertained by the competent authority," said Gaur.

In terms of financing, Kapoor said what they expect is that long term capital at much lesser interest rates should be made available to this industry.

"Government has also eased FDI norms which if implemented in a proper way, lot of positive changes will start happening," Kapoor added.

 

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