GST Rates On Construction Materials Should Be Normalised

Owning to the welcome reforms like the implementation of RERA and GST which have proved to be a boon to the buyer community, the year 2018 surely looks positive for the Indian Real Estate sector. These reforms that have been implemented by the Indian government have benefited the buyer community at large as their interests have been safeguarded. It has brought about more transparency in the zone, thus benefiting the realty market giving a tremendous push to the entire property sector.

Union Budget 2018-2019 should focus on normalising GST rates on the construction materials, it should also give a major push to the upliftment of locals in the form of slum redevelopments by lessening the burden of fund raising aspects for such projects. 

With fundamental steps like Demonetization, RERA and GST already in place, the need of the hour is to focus on crucial aspects like One Window Clearance and Digitization at larger scale in the sector. Corporate income tax needs to be bought down to 20%-25%. There is also a need to grant an infrastructure status for construction industry which should encompass projects across all price range. 

Every positive step implemented by the government will facilitate in escalating realty sales thus giving an impetus to the under-construction projects. Moreover, these fundamental steps will also play an important role in serving the cause of comprehending the government's mission of 'Housing for All by 2022' to a great extent because if these steps are executed, then the buyer community will be in a much better position for buying and investing in properties. 

(Aditya Kedia is Managing Director, Transcon Developers)

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