Confederation of Real Estate Developers’ Associations of India (CREDAI) on Saturday said that the real estate sector had not received the desired position of importance in the Budget for the fiscal year 2015-16.
“There is nothing in the Budget to give impetus to the sector although the sector provides much needed employment. Yet, the only provisions in the Budget for the sector are pass through tax for investments in the Real Estate Investment Trusts (REITs). To top it all, contrary to our demands, service tax on affordable housing has been increased from 12.36 per cent to 14 per cent, adding to the cost of houses. There was a requirement of a special package for the affordable housing segment,” said national president, CREDAI, C. Shekar Reddy.
‘There is nothing in the Budget to give impetus to the sector although the sector provides much needed employment’
