The National Real Estate Development Council (Naredco), Nashik, has urged the central government to reduce the GST on cement and steel. It has also asked the state government to reduce the stamp duty to help make the property prices cheaper by Rs 200 to Rs 300 per sq ft.
Naredco has also alleged artificial rise in the cement and steel prices in the last few months, which has led to rise in construction cost. It has requested the government to take measures to ensure the prices remain stable for at least six months.
A Naredco delegation is meeting MahaRERA authorities seeking extension in completion of the projects. “If MahaRera does not give us an extension, we will stop buying cement and steel as part of protest,” said Jayesh Thakkar, senior member of Naredco, Nashik.
Abhay Tated of Naredco Nashik said there has been up to 40% rise in raw material prices.
“It will be difficult to sell properties at the existing rates. The property prices will be increased in the range of Rs 300 and Rs 750 per sq ft,” he added. Sunil Bhaybhang, another senior member of the association, said that the rising material cost had put brakes on the launch of new residential and commercial projects.
Other senior members of Naredco Nashik, Sunil Gavade and Avinash Shirole also expressed their views during the press conference.
