CREDAI to Appeal for Removal of Service Tax on Rentals

April 15, 2009	(1 votes, average: 4 out of 5)  Loading ...
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Confederation of Real Estate Developers’ Associations of India (CREDAI) clarified its outlook and vision for the Indian real estate sector, at a press briefing held recently. The veterans of the real estate sector discussed various issues, like ‘affordable housing’, ‘public-private partnership and infrastructure development’, ‘finance and banking’, ‘state reforms’, ‘taxation issues’, ‘need to educate home buyers’, having impact on real estate development in India. Credai will recommend the government to remove service tax on rentals of commercial properties, which ultimately add to the burden on consumers. It also proposes to initiate public-private partnership in low-income housing wherein land bank available with the government may be provided to the developers.

Credai intends to form a legal committee, which shall oversee all legal issues pertaining to the real estate sector. The body would pursue the introduction of Value Added Stamp Duty (VAS) for the housing industry, wherein, any stamp duty paid towards the purchase of land will be adjusted from the stamp duty paid at the time of sale of the property. CREDAI also said that it would also continue its endeavour to educate homebuyers and ensure greater transparency and professionalism in the sector. Present on the occasion were members of CREDAI’s newly elected executive committee for 2009-2011. This included Kumar Gera, chairman, Santosh Rungta, president, vice presidents Lalit Kumar Jain, C Shekar Reddy, Prakash Challa, Dharmesh Jain and Getamber Anand, Nainesh Shah, secretary; joint secretaries- Mukesh Sheth and Mohammed Moquim and G P Savlani, resident director, CREDAI.

News Published Under:   Real Estate Developers |

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