Credai Telangana is pinning hopes on the Centre bringing down the GST for the real estate sector as this could have a magical impact.

Interacting with the media to announce 1st Credai Telangana Realty Awards ‘Create-2017’, G Ram Reddy, President of Credai Telangana, said, “The GST rate of 12 per cent and registration fees of 6 per cent are discouraging buyers. If the GST and registration charges are brought down, it would accelerate the growth of the sector.”

Hopes on lower GST “The sector, which has been facing a number of headwinds in the past 12 months and few years before the bifurcation of the State, is just about settling into stable business. The first two quarters in the current calendar year have been tough. However, we are pinning hopes on the GST Council to bring down the overall slab. This will lead to rapid growth of the sector,” Reddy said.

“If the GST correction is brought about, it will provide a big impetus to the sector. We expect the government to consider this favourably and once this comes through, the year 2018 will be very exciting for the realty sector,” Reddy added.

Credai members have said that the consumer demand has picked up in the past couple of months and prices have begun to firm up. However, the launch of new projects will take some time till RERA implementation gets streamlined.

Members from tier-II cities in the State mentioned how the realty sector continues to do well. However, the creation of new districts has taken away some business of some cities.

Crisil has been appointed knowledge partner for Create 2017. The objective of Create 2017 is to recognise quality construction and encourage best practices.

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