Create commercial space on a par with housing, Lokesh tells realtors

IT Minister N. Lokesh has called upon the realtors to give priority to creation of commercial space on a par with housing to attract IT and electronics manufacturing companies, many of which have apparently kept their plans for Andhra Pradesh on hold due to shortage of ready-to-occupy space, notably in the capital region.

Companies can avail themselves of rental guarantee being extended under the recently-unveiled Designated Technology Policy and other incentives for constructing office spaces, which are needed on a massive scale. For instance, 60 lakh square feet is required for 60,000 jobs if companies are to be provided accommodation immediately.

Participating as chief guest at the inaugural session of the Confederation of Real Estate Developers’ Associations of India (CREDAI), Vijayawada branch’s 5th property show here on Friday, Mr. Lokesh said he would take the demand for lowering the rate of GST on the real estate sector to the notice of Finance Minister Yanamala Ramakrishnudu, who is a member of the GST Council, so that the State could possibly secure some relief for them.

He suggested that a working group be constituted to explore solutions to problems in securing building permissions online, complying with the Real Estate Regulation Act, and spurt in raw material prices, and for sorting out other issues.