Industry & Economy
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Real Estate & Construction
`Reduce stamp duty to boost real estate sector'
Our Bureau
Bangalore
,
Sept. 3
THERE is a shortage of at least 31 million houses in the country and over the next 10-15 years, around Rs 2 lakh crore of annual investment is needed to overcome the shortage.
Addressing a CII seminar on southern real estate sector, the National Housing Bank Chairman, Mr V. Sridhar, said by 2021, the shortage of houses would increase to around 60 million-70 million above the present shortage level.
Mr Sridhar said the profile of buyers of houses had changed over the last few years even as growth in home loans had grown by 30 per cent over the last four years in terms of compounded annual growth rate. It is expected to grow by 25 per cent over the next five years, he said.
The HDFC Managing Director, Mr Keki Mistry, said for every rupee invested in construction, 78 paise is added to the GDP. Mr Mistry said the Government should reduce stamp duty and registration charges to boost the real estate sector in the country. He said tedious building approval processes should be done away with while single window clearance for land development should be set up.
He said investment in real estate gives higher returns than others. As interest rates are still low, loans continue to be attractive.
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