NAREDCO urges GST relief for housing

18 Dec 2023 CW Team

The National Real Estate Development Council (NAREDCO) is pushing for favourable measures in the upcoming FY25 budget, recommending the inclusion of Swamih 2.0 and the application of Input Tax Credit (ITC) under the Goods and Services Tax (GST) for residential projects.

In their proposal, NAREDCO emphasizes the need for continued support to the real estate sector, especially in the aftermath of the challenges posed by the pandemic. Swamih 2.0, aimed at providing financial assistance to stressed residential projects, is considered crucial for the industry's revival and completion of stalled projects.

The request for ITC under GST for residential projects aligns with efforts to make housing more affordable and stimulate demand. NAREDCO contends that such measures would not only benefit the real estate developers but also prospective homebuyers.

As the budget for the financial year 2025 approaches, stakeholders in the real estate sector are keenly observing the potential policy shifts and financial provisions that can shape the industry's trajectory. NAREDCO's recommendations reflect the industry's call for targeted fiscal interventions to foster growth and stability, emphasising the importance of policy support for the real estate market's sustained recovery.

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