In the recent debate between realty companies and tax authorities around the demand for Goods and Services Tax (GST) on transfer of leasehold land, the latter may have a stronger case.

GST authorities may be able to defend their recent notices, demanding 18 per cent GST on the transfer of leasehold land, according to experts. Of late, these notices have been sent to several companies, including the Gujarat Industrial Development Corporation.

G Hari Babu, President, National Real Estate Development Council (NAREDCO), said that the approval of 12 new industrial smart cities will open up opportunities for industrial as well as real estate investment, as these areas are likely to see a surge in interest from both businesses and homebuyers looking to benefit from the new industrial growth.

Most recently, the National Real Estate Development Council (NAREDCO) has welcomed the Union Cabinet's approval of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme. With an investment of ₹10 lakh crore and a substantial government subsidy of ₹2.30 lakh crore, the PMAY-U 2.0 Scheme aims to facilitate the construction of one crore houses for urban poor and middle-class families over the next five years.

Ravi Reddy, president of National Real Estate Development Council (Naredco) NextGen, an autonomous self-regulatory body established in 1998 under the aegis of the Ministry of Housing and Urban Affairs, says, “The market is projected to expand to 2.5 million units over the next decade, up from around 1 million in 2024. This indicates a considerable opportunity for developers as the penetration rate is just 1 per cent compared to countries like the UK and the US. Also, about 60 per cent of the current demand comes from Tier-II cities, where availability of senior housing is limited.

In Q2 2024, the Knight Frank NAREDCO Real Estate Sentiment Survey paints a picture of a resilient and optimistic Indian real estate sector. Although there has been a slight adjustment in sentiment, the overall outlook remains positive. This shift reflects a more cautious approach in light of recent political and budget-related uncertainties. Despite these adjustments, confidence in the sector’s future is strong,” said Hari Babu, President-NAREDCO.

G Hari Babu, National President, National Real Estate Development Council (NAREDCO), said, "The residential and office markets continue to show notable activity, signalling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook.

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G Hari Babu, National President, National Real Estate Development Council (NAREDCO), said, "The residential and office markets continue to show notable activity, signalling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook.

Read More

G Hari Babu, National President, National Real Estate Development Council (NAREDCO), said, "The residential and office markets continue to show notable activity, signalling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook.

Read More

RBI MPC August 2024, Real Estate News: Experts Speak

G Hari Babu, National President of NAREDCO said, "With steady borrowing costs, home loans become more affordable, which is likely to boost demand in the housing market, especially during the upcoming festive season. This stability allows developers to plan projects confidently, knowing that financing conditions will remain favorable. The RBI’s balanced approach to economic management helps maintain market confidence, reassuring investors amidst global economic uncertainties.

Real estate developers welcome RBI’s decision