Hyderabad, Nov 14 (PTI) CREDAI Telangana is organisingCREDAI Telangana Reality Awards "CREATE – 2017" on December15.
The initiative is aimed at recognising the best realestate projects based on design, innovation and executionacross Telangana.
Confederation of Real Estate Developers Associationof India (CREDAI) Telangana is holding the first editionof CREATE 2017 here on December 15 in a bid to promote andrecognise its members for outstanding contribution to the realestate sector during the last financial year, CREDAI TelanganaPresident G Ram Reddy said.
"Keeping in view the excellence in different aspectsof construction, we have decided to recognise and reward thebest developers (CREDAI members) in the state with the CREATE2017 awards," he told reporters.
Telangana real estate has been on an upswing andHyderabad realty has been also growing over the last twoyears, Reddy said, adding that the consumer demand has pickedup in the last 2-3 months leading to better appreciation inmany locations.
The developer members of CREDAI Telangana canparticipate in the awards and nominate themselves to any ofthe nine categories, and a "lifetime achievement award" foroutstanding contribution in shaping up the real estate sectorin Telangana will also be given.
On Goods and Services Tax (GST) in real estate, CREDAIHyderabad President S Ram Reddy said they welcome the indirecttax, but the 12 per cent levy is unbearable and needs to bebrought down.
"GST is too high at 12 per cent. As a developer wecan take input credit of 2 to 2.5 per cent and give benefit tothe purchasers. For the common man paying 12 per cent isunbearable as besides it one is also supposed to pay stampduty and registration. So, our demand is that GST should bereduced to 6 per cent. We will give our feedback to thegovernment," Reddy added. PTI VVKNSK.
This is unedited, unformatted feed from the Press Trust of India wire.