Claimed sources to www.propertykhazana.com said that considering the rising demand of realty, Union Minister for Commerce and Industry, Kamal Nath has shown his concern on the high taxes practical on realty rates and said that the segment must get tax breaks to meet the rising demand.
Launching a national convention on realty, NATCON-2008 held by the Union of realty developers association of India (CREDAI), he said he favors anything that encourages demand in the segment. Duties and levies make nearly 25% of realty rate which is very high and to say in other words, the Pan-India average rate of Rs. 2,700 per Sq.ft, duties amount to Rs. 700. He said that the Govt. has to seek at high demand segments.
Speaking to the www.propertykhazana.com Kamal Nath said that developments in the realty segment represented the altering front of India and is a sign of the growth in the Indian economy which brought about by high prices of GDP and also by India’s incorporation with global economy. Recently, the service segment was the major driving steam engine of Indian economy’s growth. With the economy on a rise, the importance and need today is on generating international standard infrastructure and residential amenities to maintain the growth price which was estimated in the 11th Five Year Plan.
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