Reduction in stamp duty needed again to boost real estate sector

The realty sector is suffering due to the consistent hike in the rates of raw material, not the availability of labours, the negative mindset of people in buying homes and various RERA restrictions etc.

The new projects are yet to take off due to the negativity in this sector . While talking to Lokmat Times the builders have demanded reduction in stamp duty once again to give the boost to the realty sector

Due to Covi-19 the city construction sector has suffered a loss of around Rs 5000 to Rs 6000 crore last year and Rs 4,000 crore in last three months. more than 3,000 flats and houses are still unsold with builders. The builders have demanded a special package from the government for construction sectr.

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Hike in raw material cost big issue

Former president of CREDAI Maharashtra Metro Prashant Sarode said as a result of lockdown imposed by the Central government last year, more of the construction workers have not returned to the city from their native places. Shortage of workers is big problem in this sector. The builders have completed some old projects with limited workers. At one end the prices of raw material are increasing and on the other end the government has doubled the development charges. Due to all these reasons the prices of houses have increased by 300 square feet. In future, the the prices of affordable houses will also witness a sharp hike.

RERA should ease rules

President of CREDAI Nagpur Mero said according to RERA rules, one can't hike the price of the house after registering it under RERA. Condition of completing the project in a specific period and the price is a big problem. In Covid situation, the authorities should ease the restrictions. As per price index 10 to 15 hike should be allowed, he demanded.