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Niti CEO asks realty developers to speed up delivery of homes

Press Trust of India  |  New Delhi 

The government has been sympathetic towards the by giving various incentives in the interim Budget and it is now time for them to deliver homes, Aayog said Wednesday.

Kant also asked builders to construct flats in 8-10 months to make projects viable as interest rates are very high in

The Aayog also favoured lowering of GST on under-construction properties.

"This government has been over sympathetic towards CREDAI, so you better perform and deliver houses now," Kant said at an event organised by CREDAI, apex body of private

He also urged the members of to squeeze time of construction of houses.

"When a middle class family books a flat, you people take 5-6 years to complete construction of that flat. As interest rates in are too high, so if interest rates for 5-6 years are taken into account, project becomes unviable," Kant said.

"So you people(members of CREDAI) must complete construction of house in 8-10 months," Kant added.

He also pointed out that the Aayog was fighting for lower GST on under construction.

So the has set up a GOM (group of ministers) to look in the issue, he highlighted.

Looking to boost sluggish housing sector, the government in its interim Budget 2019-20 provided tax sops to for developing affordable housing until next fiscal and tax exemption on notional rent for unsold inventories for two years.

The Aayog also stressed on need for reforms in the agriculture sector.

is growing at 7.5 per cent per annum, Kant said adding "but challenge for India to grow at 9-10 per cent for three decades to lift poor people out of poverty."

He noted that has made India easier place to do business.

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

First Published: Wed, February 13 2019. 20:10 IST
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