The Housing Secretary Confirms Government Will Support Real Estate Developers Demands To Overcome Covid Challenges

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In the backdrop of the disruption caused by Covid-19, the government will look into the demands of the real estate industry, including an extension of project completion timeline by 6-9 months and extension of building permissions secured already, Ministry of Housing and Urban Affairs secretary Durga Shanker Mishra said.

“We will look into the suggestions after studying them in detail,” Mishra said while interacting with realty developers through a web conference organised by industry body Naredco.

The developers’ body urged him to extend all building permissions, secured so far, till March 2023, rationalise government taxes on real estate and keep a check on the rising prices of key input materials like cement and steel.

Developers sought reintroduction of the interest subvention scheme, grant of input credit tax on GST paid on leased commercial real estate, suspension of insolvency law for some more time and an online environment clearance process. They also want the government to bring the Rental Housing Act into force to build traction in that segment.

Mishra said the business environment was improving as indicated by the rise in India’s ranking in ease of doing business related to construction activities to 27 from 186. He expressed confidence that in the new ranking that is expected any time, India would be among the top 20.

“India has scaled up in the Ease of Doing Business Index over the recent years but much more needs to be done further to be effective. The industry urges the government to expedite environmental and other essential building approvals through digitisation and single window,” said Naredco national president Niranjan Hiranandani.

The Housing Secretary Confirms Government Will Support Real Estate Developers Demands To Overcome Covid Challenges

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