Pune (P&V News Service): The recent measures announced by Finance Minister Nirmala Sitharaman to reduce the import duties on select raw materials such as steel and plastics along with steps to improve the supply of cement will boost the sentiments of the developers and end-users. Also, a sharp cut in central excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel to control inflation was another progressive step being timely taken.
Owing to the surge of property prices, the realty sector has been urging the Government to take necessary measures that will ease the burden on the developers. The real estate sector welcomes the tax reliefs that will aim at curbing inflation and would spike the housing demand among consumers going forward.
Below are the views shared by the realty experts on the Government’s intervention.
Mr. Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory
“Government’s intervention to tackle the inflation by announcing several measures by reducing customs duty on raw materials, lowering excise duty on fuel prices and an increase in export duty on iron ore and steel intermediates will further boost the ‘ease of living’. For the realty industry, these measures will surely taper down the concern of the possible impact of the rising cost of construction inputs and bolster the overall infrastructural development.”
Mr. Sandeep Runwal, President, NAREDCO Maharashtra
“This will surely provide some cost relief in terms of steel and cement prices. The reduction in fuel and cement prices will have an overall good impact on the real estate sector to keep the prices in check. However, we also request the government to work on making interest rates on home loans lower and making GST input credit available to the developers at the current GST slabs. This will surely reduce the home prices making it beneficial to the larger part of the society.”
