The recent measures announced by the Center to reduce import duties on certain raw materials such as steel and plastic, as well as measures to improve the supply of cement, should strengthen the sentiments of developers and end users. .
In addition, a reduction in central excise duty on petrol by Rs 8 per liter and Rs 6 per liter on diesel to control inflation is another timely step-up.
Due to soaring house prices, the real estate industry has urged the Center to take the necessary steps to ease the burden on developers. These latest measures would drive up housing demand among consumers, real estate agents say.
Here’s what some developers have to say about the Center’s latest metrics:
These measures will certainly alleviate costs in terms of steel and cement prices, said Sandeep Runwal, Chairman of NAREDCO Maharashtra.
“The reduction in fuel and cement prices will have an overall positive impact on the real estate sector to control prices. However, we are also calling on the government to work to reduce interest rates on home loans and make a GST input credit available to developers on current GST slabs. This will surely reduce house prices, which will benefit most of society,” he said.
Pritam Chivukula, co-founder and director of Tridhaatu Realty, said the government’s significant decision to reduce import duties on steel products is a much-needed intervention that will act as a catalyst to boost the momentum of the industry.
“This will increase the availability of raw materials in the country and put an end to the constant rise in prices in the market. The government’s measure to calm inflation will act as a propellant to bolster consumer sentiment and help sustain project prices,” he said.
In addition, Chivukula urged the government to lower interest rates on home loans, which would make home buying dynamic for potential buyers.
Himanshu Jain, Vice President (Sales and Marketing) of Satellite Developers, said it was a much appreciated step taken by the government to reduce the prices of steel and cement supplies to help real estate agents to reduce construction costs.
“The reduction in commodity prices will have an optimistic impact on the sector to control prices. A further reduction in fuel prices will only pave the way for the industry and reduce the pressure on end consumers,” Jain said.
Shraddha Kedia-Agarwal, Director of Transcon Developers, said, “We appreciate the government’s intervention to stabilize market inflation. This was a necessary step to help neutralize the market situation.
“The reduction of excise duties on imports of raw materials and fuel will certainly boost the positive sentiment of the end user and the sector thanks to the easy availability of materials used in construction activities.”
Sachin Chopda, Managing Director of Pushpam Group, said the government’s recent announcement is quite commendable, which will bring much-needed relief to developers and end users.
“Reducing import duties on iron ore and steel will further increase the domestic availability of raw materials, which in turn will reduce the prices of steel products used in construction and control rising property prices. Measures announced by the government will only stimulate market dynamics and control the rate of inflation,” Chopda said.
Kaushal Agarwal, chairman of The Guardians Real Estate Advisory, said the government’s intervention to fight inflation by reducing tariffs on raw materials, lowering excise duties on fuel and increasing export duties on iron ore and steel intermediates will further enhance ‘living comfort’. ‘.
“For the real estate sector, these measures will surely reduce concerns about the possible impact of rising construction input costs and bolster overall infrastructure development,” Agarwal said.