Removal of Double Taxation Can Boost Realty'

HYDERABAD: Making the process of issuing permissions easy and doing away with double taxation are the two major features which real estate bodies and builders associations want to be included in the new Real Estate Bill mooted by Telangana government for the development of Hyderabad realty.

 

The new Real Estate Bill, promised long back by Chief Minister K Chandrasekhar Rao, has once again stirred a discussion among realtors in Hyderabad following KCR’s statement in a recent meeting with realtors  that the proposed bill, to be on the lines of TS-iPASS, would be brought in soon.

 

‘Easy-to-do’ business has become the buzzword all over the globe and KCR is very focused on making it applicable to the Hyderabad realty. The government is mulling over many options like online application process and self-certification for builders. “Though it is a continuous exercise to bring in world-class features in regulation of real estate sector here, initially the main demand from builders is to ensure that getting permissions for new constructions is simplified,” said C Shekar Reddy, past president of the Confederation of Real Estate Developers’ Association of India.

 

Right now, a builder has to take permissions from more than 20 government departments if he has to come up with a new construction right from the time of acquiring land to completion of the project. The regulation process is so tedious that from the time of acquiring land to starting of work it is easily taking about six months’ time for a builder.

 

Today every state government is offering sops to attract investors. In this competitive environment if global real estate players have to enter and play key role in Hyderabad’s development, even we have to come up with policies which will attract them. TS-iPASS is getting good response and the need of the hour is to make permissions process easy as Hyderabad has good scope to attract national and internationally reputed realty firms, said P Dasharath Reddy, president of Telangana Real Estate Development Association.

 

Besides making issuance of permissions easy, realtors also want removal of double taxation. For instance, in the case of NALA tax or VAT, either the builder or buyer has to pay more than once for the same service.

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