Kishan Reddy urges real estate sector to pass GST benefits to homebuyers
Union Minister G. Kishan Reddy said reforms have reduced construction costs by an estimated 3-5 per cent.
Union Minister for Coal and Mines G. Kishan Reddy on Sunday urged the real estate industry to pass GST benefits to homebuyers. Speaking at the concluding day of the National Real Estate Development Council (NAREDCO) Telangana Property Show in Hyderabad, he said reforms under GST 2.0 and the new income tax regime have strengthened consumer purchasing power.
Reddy stated that these reforms helped reduce construction costs by an estimated 3-5 per cent. He also called for the adoption of Transit-Oriented Development to integrate housing, offices, markets and public transport into a unified framework for sustainable cities.
The Minister highlighted Central government infrastructure investments, including the Regional Ring Road and the proposed Outer Ring Rail. He said these projects would expand the Hyderabad metropolitan region and create growth opportunities.
Reddy mentioned that the Union Cabinet-approved ₹1 lakh crore Urban Challenge Fund would support transforming cities by aiding the redevelopment of crowded urban zones and increasing water supply and sanitation facilities.
Describing home ownership as a vital family decision, the Minister said the Real Estate (Regulation and Development) Act (RERA) has improved transparency and accountability. In Telangana, nearly 10,000 projects and 4,000 agents are registered under RERA.
The Minister noted that the real estate sector is linked to economic growth, citing highway expansion, railway electrification and modernisation projects across Telangana and the country.