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Media
From the Desk
FEDERATION OF INDIAN CHAMBERS OF COMMERCE AND INDUSTRY

Tuesday, 29th September 2015, FICCI, Federation House, New Delhi

Mr. Navin M. Raheja, Chairman, FICCI Real Estate Committee welcomed members to the first meeting of reconstituted committee for 2015. He highlighted the need to bring a change in perception of real estate industry and the importance of Real Estate Regulation Bill for growth of the sector. He further highlighted the issues involved in seeking regulatory clearances for projects due to which 50 per cent of time and money is spent seeking unwanted and duplicative approvals. He informed the committee that real estate market is very tight in India due to squeeze of capital flow into the sector.

Chairman also highlighted the issue of higher incidence of taxation on real estate and rising costs of real estate due to expenses incurred towards Stamp Duty, License Fees, External Development Charges (EDC), Infrastructure Development Charges (IDC), Employees Provident Fund (EPF), Employees' State Insurance (ESI), and Environment Clearance. The Chairman suggested to EY to consider conducting a cost benefit analysis study on Goods and Services Tax (GST) for real estate in a month’s time. He also informed that industry can come together to fund this study report.

Chairman invited members to take responsibility to undertake important issues on real estate. Following issues were discussed in the meeting:

  • Housing for all
  • Land Pooling
  • Slum Redevelopment
  • FDI in real estate
  • Incidence of taxation on real estate
  • Goods and Services Tax (GST) for real estate
  • Simplifying real estate approvals
  • Skill Development in real estate
  • Bringing down cost of construction

Chairman suggested that FICCI should form working groups on above issues facing real estate sector.

Decrease in Repo Rate

In a big boost for the markets and economy the Reserve Bank of India (RBI) on Tuesday cut its policy rate by a more-than-expected 50 basis points to a four-year low of 6.75%. The revision in the REPO rate will positively impact the sentiments surrounding the real estate market. Banks will now be able to offer loans at more attractive rates specially when the festive season is around the corner. Cheaper loans for home buyers may gradually raise the interest in residential property purchase from end users and investors. It is also going to benefit old home loan borrowers as well as the cost of funding for real estate developers should also reduce marginally.

 

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Disclaimer

Layout plans and Building plans are approved through various memos issued from time to time developed by Raheja Developers Ltd. (Company). The Company reserves its right to make changes as per the prevailing Government norms. All approvals can be checked at the office of the Company. The Company expressly disclaims any express or implied warranty of accuracy and assumes no liability for any error and/or omissions of any information mentioned herein. Images shown in the brochure are pictorial conceptualization and representation only and it is an attempt to replicate the exact product; however, the actual may differ. Also, this Brochure shall not constitute any legal offer. All the site plans, areas including super area or saleable area or carpet area, dimensions, specifications, perspective view, floor plans, facilities and amenities are tentative in nature and the information and contents provided herein are subject to change as per Company's discretion without any prior notice. The Company shall not be responsible for construction of infrastructural facilities and the Company's responsibility is limited only towards depositing of EDC with HUDA for development of such infrastructural facilities. Home furnishings, furniture and gadgets are not a part of our offerings.

For any query relating to building plans, licenses, approvals, etc. Please write to customercare@raheja.com