Centre’s move to cut import duties on steel & cement to spur demand: Realty industry

Sanjay JogUpdated: Monday, May 23, 2022, 07:25 PM IST
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The realty industry has hailed the Centre’s move to reduce the import duties on select raw materials such as steel and plastics along with steps to improve the supply of cement saying that it will boost the sentiments of the developers and end-users. Owing to the surge of property prices, the realty sector has been urging the Government to take necessary measures that will ease the burden on the developers.

Further, the realty players said the tax reliefs announced by the Centre aims at curbing inflation and it would spike the housing demand among consumers going forward.

NAREDCO Maharashtra President Sandeep Runwal said, ‘’The government’s move will surely provide some cost relief in terms of steel and cement prices. The reduction in fuel and cement prices will have an overall good impact on the real estate sector to keep the prices in check. However, we also request the government to work on making interest rates on home loans lower and making GST input credit available to the developers at the current GST slabs. This will surely reduce the home prices making it beneficial to the larger part of the society."

On the other hand, CREDAI-MCHI Treasurer Pritam Chivkula said the government’s much-needed intervention will act as the catalyst in driving the momentum of the industry. ‘’The government’s step to subside the inflation shall act as a propeller to strengthen consumer sentiment and help in maintaining project prices. Additionally, we urge the government to lower the interest rates on home loans making the homebuying buoyant for potential buyers," he added.

According to Satellite Developers VP (sales and marketing) Himanshu Jain, the reduction in the raw material prices will have an optimistic impact on the sector to keep the prices in check.

Transcon Developers Director Shraddha Kedia-Agarwal argued that cutting excise duty on raw material imports and fuel will definitely drive the positive sentiment of the end-user and the sector by the easy availability of the materials used in construction activities.

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