Real Estate Developers Seek Industry Status and GST Reforms in Modi 3.0 Budget

Real estate developers in Noida and Greater Noida are calling for the Modi 3.0 government to grant 'industry status' to their sector in the upcoming Budget. They also seek GST reforms, including lowering the 28% tax on cement. Industry experts emphasize the need for a nuanced approach that includes tax incentives, streamlined approvals, and innovative financing mechanisms.

Real estate developers in Noida and Greater Noida are urging the Modi 3.0 government to grant 'industry status' to their sector in the upcoming Budget to ease access to funds and address GST-related issues, notably the 28% tax on cement. They advocate for a 'nuanced approach' that goes beyond fiscal incentives, emphasizing transparency and regulatory efficiency.

According to Dinesh Gupta, Secretary of CREDAI's western UP chapter, tax incentives, improved tax structures, and a single-window clearance policy could attract more investment both domestically and internationally. Gupta also suggested reforms to lower income taxes, simplify tax legislation, and expand the SWAMIH stress fund.

Industry leaders like Ashish Bhutani of Bhutani Group and Avneesh Sood of Eros Group have echoed these sentiments. They propose significant reforms to make housing more affordable, enhance transparency, and promote sustainable urban development. With the Budget set to be presented on July 23, the sector eagerly awaits potential changes that could spur economic growth.

(With inputs from agencies.)