No scope for further cut in housing prices

Q: Housing prices have fallen by an average 15-20% across the country in last 18 months.

Samrat,

10th December 2015

Real estate News in Mumbai

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Whereas, developers want ease of doing business. Approvals are too much which cause project delay. They want single window approval and simplification of tax. Out of the total property cost, about Rs 350/sq-ft goes into taxation.

Supratim,

10th December 2015

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Several measures are about to take in order to boost the growth of the sluggish real estate sector, the association demanded that the central and state governments justify tax structure on the property sector and adopt single-window approval for projects.

Apurva Nagpal, Pune

10th December 2015

Comment

Builders are also agree that there is a improvement in demand. CREDAI has tied up with rating agency CRISIL for providing regular data on real estate sector including new launches, sales and unsold inventories.

Sangam, Noida

10th December 2015

@Apurva,
Listing out industry's demand on tax-structure, CREDAI told the contractors that they should be responsible for non- payments of PF/ESI to labourers instead of developers as the principal employers. They have been raided by the officials of provident fund department. If contractors do not pay, they are held responsible. Now, it is not so easy for the builders for any deficiency in service.

Kishore Pathak, Mumbai

10th December 2015

It is unbelievable. As per CREDAI, there is a duplication of tax in form of ESI/PF as the industry already pays 1% labour cess to the government and about Rs 27000 crore are lying idle in that account.

Sangam, Noida

10th December 2015

May be property prices have fallen but at the same time, housing sales have improved by 15% during the festive season helped by fall in price and lower interest rate on home loans, still about 25-30% of the total units launched are unsold.

Kishore Pathak, Mumbai

10th December 2015

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