The initiative is aimed at recognising the best real estate projects based on design, innovation and execution across Telangana.
Confederation of Real Estate Developers Association of India (CREDAI) Telangana is holding the first edition of CREATE 2017 here on December 15 in a bid to promote and recognise its members for outstanding contribution to the real estate sector during the last financial year, CREDAI Telangana President G Ram Reddy said.
"Keeping in view the excellence in different aspects of construction, we have decided to recognise and reward the best developers (CREDAI members) in the state with the CREATE 2017 awards," he told reporters.
Telangana real estate has been on an upswing and Hyderabad realty has been also growing over the last two years, Reddy said, adding that the consumer demand has picked up in the last 2-3 months leading to better appreciation in many locations.
The developer members of CREDAI Telangana can participate in the awards and nominate themselves to any of the nine categories, and a "lifetime achievement award" for outstanding contribution in shaping up the real estate sector in Telangana will also be given.
On Goods and Services Tax (GST) in real estate, CREDAI Hyderabad President S Ram Reddy said they welcome the indirect tax, but the 12 per cent levy is unbearable and needs to be brought down.
"GST is too high at 12 per cent. As a developer we can take input credit of 2 to 2.5 per cent and give benefit to the purchasers. For the common man paying 12 per cent is unbearable as besides it one is also supposed to pay stamp duty and registration. So, our demand is that GST should be reduced to 6 per cent. We will give our feedback to the government," Reddy added.
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