Commerce and Industry Minister Favours Tax Relief

January 8, 2008	(Be the first to rate this story!)  Loading ...
Print This Story   Email This Story Subscribe Newsletter

Seeing the growing demand of Real Estate, Union Minister for Commerce and Industry, Shri Kamal Nath has expressed his concern over the high taxes applied on Real Estate Prices.Speaking on the same he said that the sector should get tax breaks to meet the growing demand.

Inaugurating a national convention on real estate, NATCON-2008, organised by the Confederation of Real Estate Developer’s Association of India (Credai), Mr. Nath said that he favors whatever stimulates demand in the sector.

Duties and levies make almost 25% of the real estate price, which is very high. In other words, of the pan-India average price of Rs 2,700 per sq ft, duties amount to Rs 700. He also added that the government needs have to look at high demand sectors.

The commerce minister said developments in the real estate sector symbolised the changing face of India and was a reflection of the growth in the Indian economy brought about by high rates of GDP and also by India’s integration with the global economy. In recent years, the services sector had been the main driving engine of Indian economy’s growth, he added.

“With the economy on an upswing, the emphasis and requirement today is on creating international standard infrastructure and housing facility to sustain the growth rate projected in the 11th Five Year Plan,” he said.

News Published Under:   Real Estate Developers |

Comments