Confederation of Real Estate Developers Association of India (CREDAI) State vice-president K. Subhash Chandra Bose on Saturday hoped that the new government would look into the issues of the construction industry, which has been facing multiple challenges in the last few years. He said that the revival of the construction industry was the need of the hour to create employment opportunities at the local level, as well as the generation of economic activity and tax revenue to the exchequer.
Speaking to The Hindu, he said that stamp duty needed to be reduced to 5 percent from 7.5 percent since it had become a big burden for the buyers, as they were being forced to spend nearly ₹4 lakh for the registration of flats, each worth ₹50 lakh.
