The entire real estate industry observed a ‘No Work Day’ protest to highlight the steep increase in prices of raw materials like steel, cement, pipes and others while also bringing to the notice of the governments to reduce the registration charges and taxes on Monday.
All the developers - Confederation of Real Estate Developers’ Associations of India (CREDAI) along with all its chapters in association with Telangana Real Estate Developers' Association (TREDA), Telangana Builders Federation (TBF), and Telangana Developers Association (TDA) having more than 1,000 members in the capital region and 800 across TS, joined hands to bring the works to a standstill.
The associations claimed that the stoppage of work has directly impacted 2.5 lakh workforce, upto 60,000 labour indirectly and 25,000 technical staff involved in various projects. “The protest received a tremendous response. We hope this will trigger the desired impact on raw material suppliers to rein in the prices and ensure constructions can be carried out without disruption,” CREDAI-Hyderabad president P. Ramakrishna Rao told the media.
“We urge the government to intervene and help rein in the steep price hike, so that the end users and day-to-day workers do not suffer,” said general secretary V. Rajashekar Reddy. CREDAI TS chairman Ch. Ramchandra Reddy urged the government to allow the input tax credit for real estate projects and rationalise the GST on various construction materials from the current rates.
TS CREDAI president D. Murali Krishna Reddy requested the state government to consider reverting to the old regime of stamp duties on the projects to boost the market sentiments in these “trying times as an interim relief.” TREDA president Sunil Chandra Reddy, TBF president C. Prabhakar Rao, TDA president G.V.Rao and others also spoke calling for the government to “institutionalise a mechanism to regulate prices” in the critical sector like steel and cement to help business continuity.
