The Builders' Association of India (BAI) today emphasised on the need for setting up a "Cement Regulator" and implement other reforms and regulatory mechanism for the construction sector to ensure a streamlined growth.
The subcontractors in the construction sector are still levied GST of 18 per cent which has to be reduced further, BAI said in a statement issued here.
B Seenaiah, Chief Patron of BAI, said a "Cement Regulatory Authority" will help control the pricing and prevent cartelization by cement manufacturers and unfair practises.
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"In fact, if a regulatory mechanism is in place, the cost of house construction can be reduced to a competitive Rs 50 per sq.ft. making housing affordable for all...
"The subcontractors in the construction sector are still levied GST of 18 per cent which has to be reduced further. Also, out of the Real Estate Industry GST of 18 per cent, 6 per cent is regarded as land value. Land valuation deduction under construction of complexes, should be based on actual cost of the land or should be based on value mentioned in the ready-reckoner," B Seenaiah said.
Meanwhile, the release said that the 28th All India Builders' Convention will be held from January 19-21 in Bengaluru.
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