GST Hike to Raise Home Prices by 10 per cent Says Credai Pune

23 Dec 2024 CW Team

The Pune Metro chapter of the real estate body Credai stated that imposing Goods and Services Tax (GST) on floor space index (FSI) charges would lead to a 10% increase in housing prices, which would adversely affect demand.

FSI determines the maximum floor area that can be developed on a plot of land and regulates construction density in that area.

During a post-GST Council meeting conference, finance minister Nirmala Sitharaman clarified that no decision had been made regarding FSI charges. She explained that the council acknowledged that such a decision would affect municipal revenues, as FSI is set by municipalities, and it would also impact states because land is a state subject.

In a statement, Ranjit Naiknavare, the president of Pune Credai, urged the government to maintain the status quo and exclude FSI charges from taxability before the meeting concluded. He emphasized that the proposed move would directly impact the middle-class segment, which constitutes 70 per cent of homebuyers, by making affordable housing projects economically unfeasible due to rising land and raw material costs. The trade body also expressed concerns that the move would affect supply and raise economic and viability issues.

Infrastructure Urban

13 Oct 2025

Daikin Boosts Haryana’s Innovation Push with Rs 10 billion R&D Plan

Japanese multinational Daikin Industries has committed an investment of Rs 10 billion to set up a new research and development centre in Haryana. The proposed facility will focus on advanced technologies and sustainable industrial solutions, marking a significant boost to the state’s innovation and industrial ecosystem. The announcement follows the signing of a Memorandum of Understanding (MoU) in Osaka, Japan, during a visit by a Haryana government delegation held from October 6 to 8. The MoU was signed by Amit Kumar Agrawal, Commissioner and Secretary, Industries and Commerce Department, ..

Lloyds Metals to Build Rs 250 billion Steel Plant in Gadchiroli

Lloyds Metals & Energy Limited (LMEL) has announced an investment of Rs 250 billion aimed at transforming Gadchiroli in Maharashtra from a region once associated with the red corridor into a key industrial and growth hub. The company’s plans are centred on establishing an integrated steel production ecosystem, which will contribute significantly to regional development and employment. As part of its expansion strategy, LMEL is setting up a 4.5-million-tonne blast furnace in Gadchiroli, scheduled for completion by 2027–28, along with another 1.2-million-tonne facility in Chandrapur by 2029..

UPI Crosses 500 Million Users, Fuels MSME and Digital Growth

The Unified Payments Interface (UPI) has achieved a new milestone, surpassing 500 million consumers and 65 million merchants across India. The platform, developed by the National Payments Corporation of India (NPCI), has expanded its reach to nearly 99 percent of the country’s pin codes, underlining its deep penetration into both urban and rural markets. According to a report by NPCI and the Boston Consulting Group (BCG) launched during the Global Fintech Fest 2025, UPI has evolved from being a digital payments mechanism into a key enabler of financial inclusion and small business growth. I..