Budget Expectations: Real Estate Developers Seek Industry Status and GST Relief
Real estate developers in Noida and Greater Noida expect the Modi government to grant industry status to their sector and provide GST relief in the upcoming budget.
Real EstateGstIndustry StatusBudget ExpectationsNoidaReal EstateJul 21, 2024
According to CREDAI Western UP Secretary Dinesh Gupta, tax incentives, a better tax structure, and a single-window approval policy will attract more investment from domestic and foreign sources. Ashish Bhutani, CEO of Bhutani Group, believes that the real estate sector's contribution to India's GDP is low compared to Europe or China and has advocated for increasing it to 30% by 2047. Avneesh Sood, Director of Eros Group, has highlighted the need for industry status and incentives for affordable housing.
Yash Miglani, MD of Migson Group, has expressed concern over the high GST rate of 28% on cement, which accounts for nearly one-third of the total cement cost. Meanwhile, real estate consultancy firm Anarock has reported that land acquisition has slowed down, with only 25 deals worth 325 acres being concluded during the April-June quarter, citing high prices and the general elections as the main reasons. In contrast, 29 land deals worth 721 acres were concluded during the same period last year. Anarock has predicted that land acquisition will remain slow in the second quarter of 2024 due to the general elections and increasing land prices.
Frequently Asked Questions
What is the main concern of real estate developers in Noida and Greater Noida?
The main concern of real estate developers in Noida and Greater Noida is to get industry status and GST relief in the upcoming budget.
What is the current GST rate on cement?
The current GST rate on cement is 28%.
What is the expected contribution of the real estate sector to India's GDP by 2047?
Ashish Bhutani, CEO of Bhutani Group, has advocated for increasing the real estate sector's contribution to India's GDP to 30% by 2047.
How many land deals were concluded during the April-June quarter?
Only 25 land deals worth 325 acres were concluded during the April-June quarter.
What are the main reasons for the slowdown in land acquisition?
The main reasons for the slowdown in land acquisition are high prices and the general elections.
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