Confusing GST affecting house sales, says CREDAI

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Confusing statements over GST from the Central government have impacted sales in residential realty in Hyderabad, said S. Ram Reddy, president, Credai Hyderabad, on Friday at the Credai Hyderabad property show. People have been keeping away from purchases because of these statements made in the past four to five months. The existing 12 per cent GST and six per cent GST for registration increases the burden on consumers for under-construction properties.

Credai Hyderabad has urged the state and Centre to reduce GST by six per cent. On Thursday, Union finance minister Piyush Goyal yet again said that the government was considering to give relief to the real estate sector and would take steps in the next GST Council meeting. Developers are waiting for a clear announcement from the GST Council, which has already conducted two meetings and created a panel.

“People are confused whether to buy now or not,” Mr Reddy told this newspaper. “If it is possible to do something, at least make the statement that the existing rate would prevail. We are hoping that they make it six per cent. Our government can play a role in pushing forward as both the Centre and the state have a share.” Meanwhile, Credai Hyderabad also sought a single window immediately for the real estate sector from the state government on a par with TS-ipass. “A developer needs to visit 7-8 departments for approvals which in itself takes a year,” Mr Reddy said.

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