Faced with liquidity crunch, realtors' apex body CREDAI Thursday sought one-time restructuring of loans provided to the sector as well as a dedicated fund for the completion of stalled housing projects.
It also demanded reduction in the GST rate for under-construction homes at 8 per cent from the current 12 per cent, besides single-window clearance for projects.
These demands were made by the association at it's second edition of the New India Summit in Mysore, Karnataka. Over 1000-member developers and experts from the real estate sector from across the country attended the event. The summit was inaugurated by Union Minister of Skill Development and Entrepreneurship Ananth Kumar Hegde.
"In view of real estate being subject to both GST and stamp duties, there is a case that the rate of GST on real estate, which stands at 12 per cent, needs to be reduced to 8 per cent across all segments and not just for houses of up to 60 square metres," CREDAI said in a statement.