NAREDCO Chief Seeks GST Relief for Construction Sector

G Hari Babu, President of the National Real Estate Development Council (NAREDCO), has appealed to the government for a reduction in the Goods and Services Tax (GST) on building materials. He advocates for a uniform 18 per cent GST rate across the board.

Currently, varying GST rates apply to different building materials, impacting project costs and timelines. This inconsistency adds to the complexity of real estate development.

Babu argues that a standardized 18 per cent rate would streamline the process, reduce compliance burdens, and ultimately benefit homebuyers through potentially lower prices.

This move, if implemented, could significantly boost the struggling housing sector and contribute to the government’s affordable housing initiatives. The impact on the overall economy and the potential for job creation warrants serious consideration. The government’s response to this crucial demand will be keenly watched.

Karanveer Sharma

A dedicated journalist and legal expert with a passion for uncovering the truth and advocating for justice. With hands-on experience in investigative journalism, legal research, and case analysis, I possess a strong ability to break down complex legal and societal issues into clear, impactful narratives. My work is driven by a commitment to transparency, integrity, and empowering people with accurate, insightful information.