Breaking News :

Vice Prez to participate in 28th All India Builders’ Convention in Bangalore


Agencies, Hyderabad Vice President M Venkaiah Naidu will participate in the three-day 28th All India Builders’ Convention to be held in Bangalore from January 19. In a release here on Friday, Builders’ Association of India (BAI) National President H N Vijaya Raghava Reddy emphasised on the need for immediate reforms and regulatory mechanism for the construction sector to ensure a streamlined growth, resulting in enhanced contribution to the Indian economy in the long-term. He said “BAI has identified nine core issues affecting the sector and will drive for regulations with the state and central governments. When addressed, they will help better organize the sector, which is a major contributor to India’s GDP employing more than 35 million workers. In addition, attracting FDI to the sector and fast-tracking India’s infrastructure development will be easier, Mr Reddy said. Elaborating on the proposed reforms and regulations, BAI Chief Patron B Seenaiah said “The Union Government has declared an INR 65 Lakh Crore investment plan for development of 100 Smart Cities, new township formats like CIDCO, DDA, MHADA, Industrial Corridor, Power Projects, Dams, Bridges, Airports and Seaports, but several issues still need to be resolved. At present, the land acquisition process has highly complex implications, he said and requested the Government to take full responsibility of land acquisition and handover the same to contractors before awarding the contracts. The contractors should not be allowed to deal directly with the landowners, as it would result in unnecessary delays, he pointed out. Seenaiah said the subcontractors in the construction sector are still levied GST of 18 per cent which has to be reduced further. Also, out of the Real Estate Industry GST of 18 per cent, 6 per cent is regarded as land value. Land valuation deduction under construction of complexes, should be based on actual cost of the land or should be based on value mentioned in the Ready Reckoner.

Opinions expressed in the comments are not reflective of Central Chronicle. Comments are moderated automatically.

Related Posts