NAREDCO News

The NCLT last month ordered initiating insolvency proceedings against Supertech. Jaypee Infratech is also facing insolvency proceedings. Naredco-UP also demanded release of sub-lease/registry permission by authorities.

CREDAI President Harshvardhan Patodia said the decision is undoubtedly a progressive move. "Homebuyers should make the most of historic low home loan interest rates regime," said.Niranjan Hiranandani. Tata Realty and Infrastructure MD Sanjay Dutt said the decision will provide an opportunity for low interest regime.

An official said many people were not opting to buy houses under the scheme as the previous carpet area did not seem very attractive to them.

The government on Monday assured real estate developers that it will look into their legitimate demand for growth as the sector plays an important role in employment generation.

The government aims to provide shelter for economically weaker sections under the affordable housing scheme by 2022.

The NCLT has appointed Anuj Jain as the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code 2016.

Realtors' body NAREDCO has written to the Prime Minister seeking lower GST of 6 percent on sale of under-construction property from 12 percent as higher tax will lead to price rise and affect sales.

Real estate bodies Naredco and Credai Wednesday gave contrasting assessments of the impact of GST on housing prices, highlighting the prevailing confusion in the sector regarding the new indirect tax regime.

The Haryana government on Saturday asked real estate developers to follow its guidelines related to development of housing projects and also asked them to address all legitimate concerns of buyers.

Developers expect housing demand to recover with the implementation of the real estate law from May 1 as it will protect buyers from unscrupulous players, while prices will remain stable due to huge unsold inventory.

In order to effect a revival of real estate sector, realtors' apex body NAREDCO on Thursday demanded infrastructure status to housing and tax incentives for home buyers and developers in the upcoming Union Budget.

Realtors' body NAREDCO today demanded tax relief and increase in land supply to develop affordable homes so as to help achieve the government's 'Housing for All' objective.

 With an aim to revive construction industry, NITI Aayog is working on a policy to enable various government agencies to pay back debt of their contracting companies directly to the financial institutions or banks.

Faced with acute slowdown in demand and delay in delivery of projects, realtors' apex body Naredco on Wednesday demanded tax sops for affordable homes and restructuring of bank loans.  

A delegation of realtors' body NAREDCO Tuesday met Finance Minister Arun Jaitley to demand a special package to revive realty sector which include interest subvention on home loans and tax concessions on affordable housing projects.

Property prices will rise slightly with proposed hike in service tax to 14 percent, according to real state industry associations CREDAI and NAREDCO.

Foreign direct investment (FDI) in the real estate sector could jump over two-fold in the next one year with easing of FDI rules in the construction sector, realtors' body NAREDCO said today.