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Naredco seeks rationalisation of real estate GST rates, resolution of liquidity crisis

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New Delhi, Jan 22 (IANS) The National Real Estate Development Council (Naredco) on Tuesday urged the government to rationalise the GST rates on under construction properties and also solve the liquidity crisis at the earliest.

Speaking to reporters here, Naredco President Niranjan Hiranandani said that the apex body of the real estate sector has submitted its memorandum of recommendations for the upcoming Union Budget 2019-20 to the Finance Ministry and the Housing and Urban Affairs Ministry.

“GST on under construction properties should be brought down to 8 per cent with ITC (Input Tax Credit) and for affordable housing to 5 per cent with ITC,” Hiranandani said.

Currently, the Goods and Services Tax (GST) on under construction properties is 18 per cent and that on affordable housing projects is 8 per cent.

Talking of the liquidity crisis, he said that for the last couple of years the non-banking financial companies (NBFCs) were the major source of liquidity for the sector, and after the recent crisis in NBFCs the real estate business is under severe financial stress.

“After the disaster which has taken place in IL&FS, we are in a quandary, because NBFCs have come into a crisis and the liquidity position of banks is not improving. If the industry wants to grow, both under the Pradhan Mantri Awas Yojana (PMAY) or under the affordable housing scheme or the rest of the real estate, liquidity has to be increased,” he said.

Naredco has also asked the finance ministry and the Reserve Bank of India to address the liquidity issue at the earliest, said Hiranandani.

Chairman of Naredco, Rajeev Talwar said: “To add to the supply of housing, Naredco has also suggested bringing the services of companies engaged in the business of rental housing under the ambit of Section 80IBA and increasing deduction limit from rental income, under Section 24(a), from current 30 per cent to 50 per cent for general category and 100 per cent for handicapped persons, women and senior citizens”.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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