‘Uncertainty in real estate sector due to Regional Plan delay’
Credai Goa has urged to resolve the current uncertainty surrounding the implementation of the Regional Plan and rationalize taxes and stamp duties in order to support and sustain the real estate sector
Mar 12, 2015
Source : The Times of India


PANAJI: CREDAI Goa has requested the Laxmikant Parsekar government to simplify the procedure for approvals, resolve the current uncertainty surrounding the implementation of the Regional Plan and rationalize taxes and stamp duties in order to support and sustain the real estate sector in the state.

"Single window clearance, delay in approvals from the authorities concerned is one of the major reasons behind many project delays. The sector is looking for more restructuring in the form of single window clearance and granting infrastructure status to further boost the real estate sector," president Jagannath (Desh) Prabhudessai said. "The sentiment of all stakeholders, developers, financial institutions and private equity funds in the state's real estate sector has deteriorated compared to what it was six months ago."

Finalization of the Regional Plan will provide clarity on issues like conversion of agricultural land into real estate and investment in infrastructure and the non-finalization of the regional plan is among other issues, that have resulted in uncertainty in the real estate sector and has lead to cost escalations and delays in project delivery.

Stating that the housing industry contributes immensely to the economy in generation of income through taxes, CREDAI has asked the government to ensure that the promised infrastructure becomes a reality.

"If the infrastructure guaranteed by the government is not possible then the Infrastructure Tax paid to the Town & Country Planning Department at the time of approvals may be discontinued and the taxes may be collected by the concerned department where varied approvals are required," Prabhudessai said.

The Goa Tax on Infrastructure (first amendment), Bill 2013, was introduced on May 10, 2013. In his budget for the current financial year, then chief minister Manohar Parrikar said that an infrastructure creation scheme would be made operational to ensure roads, water and electricity to all the housing and commercial projects which have paid the appropriate Infrastructure Tax and 25 crore was provided.

The association has also asked for rationalization of the Value Added Tax applicable for apartments worth less than a crore.

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