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Alarm of slow growth in Gujarat Realty sector

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Housing issues are getting more and more costly affairs in recent days as compared to the last financial record in Gujarat. According to the sources of www.propertykhazana.com the sky touching rates of the construction materials are making the housing affairs an unaffordable issue for many home buyers.
In fact many bookings have been cancelled by the customers due to the shortage of enough funds for their dream homes. Apart from this it also affects the realty business for many developers to keep their projects on hold for the extreme growth in the raw material price in the state. The price of the cement, steel has made a chaos in the property dealings in and around the major cities of Gujarat.
The shortage of skilled laborers is also adding a new headache to the tense situation at the moment. Vipul Thakkar – vice president of Gujarat unit of confederation of real estate developers has revealed that if it continues for longer time then there might be possibility for a new reform for price hike autopsy. Along with the other ingredients like sand and bricks the rate of the cement per bag has just doubles the rate of the last year with Rs 270 which was only Rs 170 per bag earlier. He also confirms that it is a futile rise of the rates in cement due to some of the lobby culture with in the cement market and there is no action from the state government yet too calculates its right amount for the market.
Sudden increase in the cement price is obviously making the selling rate of any housing unit costlier than the expectation rates and hence the number drops down creating a lower graph of growth in realty business in the state. Apart from all this it has clearance approval requirement for each jumbo residential and commercial developments. It is new agenda made to the realty field recently by the state government. The increase rate of service tax to 10.25 percent and VAT with .60 paisa on the purchase receipt is also hampering the market of the realty where it becomes an unaffordable issue to have a private space for any mid income section of the society.
Source: Press Trust Of India

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