CREDAI presents Memorandum to achieve the national Goal of “HOUSING FOR ALL BY 2022”
Hyderabad 8th January 2015: A delegation, consisting of Sri C. Shekar Reddy, National President, CREDAI, Sri N. Jaiveer Reddy, President, Mr. S. Ram Reddy, General Secretary and Mr M. V. Rajeshwara Rao, CEO, from CREDAI Hyderabad, called on Mr. Amit Shah, President, BJP, in Hyderabad and presented to him a Memorandum requesting that Real Estate needs a set of stimulus measures to give fillip to the sagging sector so as to achieve the national Goal of “HOUSING FOR ALL BY 2022”.
It was explained that the AFFORDABLE HOUSING segment, being riddled with constraints, needs interest subvention, as promised by BJP in its Manifesto, and other concessions and reliefs. Only then can this segment become viable and successful.
Levy of Service Tax is contentious issue and needs to be reviewed and streamlined as to remove ambiguity in application at the field level.
Funding available from banks and other financial institutions is quite low as compared to what is available in USA, China, etc. Hence it was urged to enhance the percentage quantum of funding so that the pace of building activity in real estate will increase and the target of wiping out massive housing shortage in the country can be achieved.
Receiving approvals from MOEF is a major impediment in the execution of housing and other projects. The Memorandum submitted to the BJP President gave a detailed explanation as to how the delays are hurting the growth of economy and made several suggestions and recommendations to streamline the environmental clearance processes to cut down delays and help issue clearances speedily. The Memorandum also gave recommendations on various other measures, including reliefs in direct and indirect taxation. All these recommendations go to give fillip and stimulus to the sector and in turn to economy and to higher employment generation. All these recommendations were submitted to the finance minister in a pre-budget memorandum.
Sri Amit Shah assured that he would discuss the matter with the finance minister, Sri Arun Jaitely, and advised the delegation to present a memorandum to the Finance Minister and discuss the issues with him.
