In order to bring more boosts in the real estate sector, Finance Minister Piyush Goyal has called a meeting with developers a few days back to discuss issues like GST and RERA that directly impact the property market. The meeting ended with a positive note where builders stressed on to create “stress assets fund” along with an effective implementation of the RERA and others important measures.
Union Housing and Urban Affairs Minister Hardeep Singh Puri, Representatives of the Finance Ministry, the Ministry of Housing and Urban Affairs (HUA), builders, NITI Aayog, banks, National Buildings Construction Corporation (NBCC) and other concerned departments attended the meeting. However, Piyush Goyal remained unavailable due to Parliament session.
Convening the outcome of the meeting, Hardeep Singh Puri said that, builders suggested a reduction in the Goods and Services Tax (GST), effective execution of RERA as a part of boosting the real estate sector.
According to ministry sources, “Developers also suggested creating “stress assets fund” to complete the stalled projects by providing last-mile funding to them. Besides this, the stakeholders also stressed on effective implementation of the Real Estate (Regulation and Development) Act (RERA) to boost the sector.”
Sources further said that the housing and urban ministry is also considering a proposal to allow the NBCC to take over stalled projects and complete them. In order to revive these projects, NBCC has suggested last-mile connectivity so that there is an increase in commercial activity to generate business in nearby areas.
Further to finalize a decision on all such suggested measures, it is decided to have another meeting soon, the date of which is not yet decided.