With the government finances weaker in the pandemic, the responsibility to revive growth will shift to the private sector. FM Sitharaman will, however, need to provide relief to individuals to encourage spending.
The National Real Estate Development Council (NAREDCO) has recommended the government take up tax rationalisation measures in the upcoming Union Budget to boost the pandemic-hit real estate sector of the country.On Thursday, the industry body .
Mumbai Homes May Become Cheaper As Levies Are Slashed Mumbai Homes May Become Cheaper As Levies Are Slashed Due to scarcity and high cost of land in Mumbai, developers prefer to build vertically, often more than what the ratio of floor space to total plot area allows.
Construction creates the most jobs in India each year.
Homes prices may fall in Mumbai, India s costliest housing market, after the local administration slashed levies by as much as 50% until December 2021.
Maharashtra state cut various levies on construction projects on the recommendation of a government-appointed committee headed by Deepak Parekh, chairman of Housing Development Finance Corp. The move will likely bring down development costs for most builders and result in lower home prices for buyers in addition to boosting stocks of realty developers.
GREATER NOIDA: To monitor the financial health of the private developers executing realty projects in the city and to ensure timely payment, the Greater Noida Industrial Development Authority will ask builders to open escrow accounts now on.
The Authority took the decision to implement the system after recently getting an approval from the board. Home to 207 group housing projects, the Greater Noida Authority has to recover dues to the tune of over Rs 7,000 crore from the private developers executing the multi-storey apartment projects in the city.
Officials said these developers will now have to set up an escrow account for every project. The funds collected from the buyers will be utilised for further construction work or for ensuring payments related to the same project. The Authority will also seek its payment from the developers towards the land premium, they said.