 Online edition of India's National Newspaper Wednesday, Mar 23, 2011 ePaper | Mobile/PDA Version |
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Tamil Nadu
“Cost per unit should be in the range of Rs.5 to Rs.8 lakh” “Single-point tax will bring down the cost drastically” CHENNAI: Speakers at a seminar on Tuesday said that housing should be made affordable to Economically Weaker Sections (EWS) and the Low Income Group (LIG) and the cost per unit should be in the range of Rs.5 lakh to Rs.8 lakh. Delivering the keynote address at the fifth edition of Estate South 2011 on the theme of ‘South Realty: Vision 2020', Harjit Singh Anand, co-president, Euro India Centre, said that as persons from EWS or LIG categories would not be in a position to pay monthly instalments of Rs.1,000, they should be allotted houses in the region of Rs.2.5 lakh to Rs.3 lakh, excluding the land cost. He also stressed on policy support towards providing affordable housing for all, increased supply of land, special provision for women, environmental sustainability and public-private partnership initiatives to support long-term growth in the realty sector. He spoke on the need for cities to co-exist with villages and towns for providing the much-needed green belts. T.T. Ashok, CII deputy chairman, asked whether the common man could really afford to pay Rs.20 lakh or Rs.25 lakh to get a roof. The cost of house should be within Rs.5 lakh to Rs.8 lakh. Besides, new working townships should be created to take care of people migrating from rural to urban areas. Estate South 2011 Chairman, Irfan Razack, called for rationalisation of taxes into a single-point tax to drastically bring down the total cost of houses. Mentioning that India was expected to become the third-largest construction market in the world by 2020, with the real estate industry expected to reach a size of $180 billion, he said real estate was the most taxed product consisting of stamp duty, service tax and VAT. It accounted for 30 to 35 per cent of total cost and was paid by the end customer. Rationalisation of it into a single-point tax would bring down the cost drastically. “Real estate is the biggest contributor to Gross Domestic Product and the challenge is how to provide housing for all. To bring the cost down, the sector needs huge support from the government for land, infrastructure and connectivity so that large townships can be built with housing for all sections of society. There is a tremendous opportunity for the growth of real estate sector with the advent of new products, developers entering hospitality, malls, integrated townships and large IT parks,” he added. Anshuman Magazine, CII National Committee on Real Estate and Housing, Chairman, stressed the need for attracting long-term capital and improving infrastructure in the housing sector. “We are far behind China in infrastructure. We have to urgently build cities with water and power supplies. Apart from investing money in infrastructure, we have to ensure that it is implemented properly.”
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