Gujarat govt aims to ramp up economic activity in real estate sector

While the Gujarat state government has urged the real estate sector to increase economic activity with investments, the sector registered its pending demands in representation to the government. The significant one is a 50% reduction in stamp duty and registration fees, which denotes a sizable chunk of government income. Representatives of the Gujarat chapter of the Confederation of Real Estate Developers Association of India (CREDAI), and several other associations of realtors, met leading government functionaries recently with their demands. CREDAI Gujarat president Ajay Patel told the media that real estate developers have run into several issues due to the Covid-19 pandemic. This industry creates a lot of employment and income for the government. They met the leading authorities of the revenue department and registered their grievances. The government guaranteed them that their problems will be resolved before the Vibrant Gujarat Global Summit (VGGS). While the stamp duty cut and registration fees have been a long-standing demand of the industry, other problems put before the government were a drop in the premium cost for land-use conversion, sops for affordable housing, relaxations in NA restrictions being applied by urban development officials and the like. Image Source Also read: Credai-Rajasthan urges govt to lower stamp duty in the next budget