Look for reliable, not discounted deals: Experts; Remove GST on construction, simplify procedures: Developers

Need simplification of processes and procedures, along with fast track implementation of policies, says Deepak Kapoor, Director, Gulshan Homz.

Kapoor was speaking at the third Webinar of Realty Web series, a Realty & More and ICCPL initiative.

Speaking on the other demand of the developer fraternity, CMD of Tulip Group Praveen Jain said all the loans of the sanctioned positive net worth projects shall be restructured and should be given an additional 20% loan. This, Jain said, will help in project completion and the loan will also not turn into an NPA. “ 5% GST on under-construction should be removed at least for the next 2-3 years, till the impact of COVID remains. This will not only be a relief to the buyers but might also get back investors into the market”, added Jain.

Discussing on discounts by developers at the Webinar, Prashant Thakur, Director & Head of Research, ANAROCK Group said discounts depend upon holding power of a developer. Thakur said considering 5% inflation per annum, the prices have already corrected substantially as there has been no increase in the last 5-7 years.

Agreeing to what Thakur said, Vikas Wadhawan, Group CFO, Housing.com, Makaan.com, PropTiger.com further added that buyers shall look for reliable deals than discounted deals. “Buyers shall look for deals where they would actually get delivery, rather than a distressed deal where the developer might sell the property at a discounted price, but they will not be able to deliver the property eventually”, said Wadhwan.