KOCHI: A 'no gain-no loss' budget. That's how builders reacted to the state budget with respect to its impact on the real estate in general. “Though the budget does not directly impact real estate, steps to improve infrastructure will definitely bring fortune to the sector in future,” said Najeeb Zacharia, CREDAI Kerala chairman.
However, many expressed their frank disappointment over the non-revision of stamp duty, a long-pending demand of realtors. Builders had demanded stamp duty at par with the rate in neighbouring states.
“At 8 per cent, stamp duty in Kerala is too steep which makes real estate transactions costlier. It is between three to five per cent in other states. If stamp duty were reduced it would have been a boost to real estate,” Najeeb said. Builders expect the issue will be resolved if stamp duty is brought under GST.
Meanwhile, builders welcomed the proposals for the housing project under the Life Mission project for the homeless and use of plastic waste in road construction. “The minister proposed the housing project, but did not mention how it will be implemented. It is unclear if private parties will be given participation,” Najeeb said.