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Karna govt should relax norms under 'ease of doing' business:

Press Trust of India  |  Bengaluru 

The Confederation of Real Estate Developers' Associations of (CREDAI) Wednesdaydemanded that government should relax norms under the 'ease of doing business,' emphasising that the in the city was set to boom.

"From CREDAI, we are emphasising the government for the ease of doing business in because long procedures for approvals and clearances is delaying the projects," said R National of CREDAI, told reporters here.

He appealed to the to reduce the stamp duty to one per cent for on the lines of

"Stamp duty in Telangana for is just one per cent. As of now it is 6.6 per cent (in Karnataka).

For plan sanction and licence fee, we are almost paying around Rs 80 per sq ft inclusive of all the clearances.

For affordablehousing, we have asked the government to fix the rates at Rs 20 per sq ft,"Reddy said.

Noting that Whitefield, Hosur Road, Sarjapur Road and Mysuru Road up to Bidadi was set to develop in terms of affordable housing due to Metro Rail connectivity, Reddy said the segment ranges between Rs 45 lakh to Rs 65 lakh, which is in great demand.

"Our sales capacity in Bengaluru is 45,000 to 60,000 apartments per annum. Our production capacity is not that much. members can only produce 35,000 apartments per annum.

Some unsold stocks of luxury apartments may beavailable. As per the affordable segment there is no stock atall," Reddy said.

Another segment would be 300 to 400 square ft apartments, on the outskirts of the city.

Those having the capacity to pay an EMI of Rs 10,000 can buy an apartment.

"Those who are staying on rent paying Rs 10,000 to Rs 15,000 will be able to buy a house. The government has a policy of housing for all by 2022. We also want to contribute for it," Reddy underlined.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 15 2019. 17:46 IST