Taking a cognizance of the concerns
of Realtors in the state Karnataka government announced to convene a meeting of
all real estate developers in 15 days for discussions. Karnataka Chief Minister
Jagadish Shettar announced this at the state conference of CREDAI in Mangalore
on Saturday.
Balakrishna Hegde, member of
national executive committee of CREDAI expressed his concerns over heavy
taxation. He noted that house buyers in the state are paying tax as high as 42%.
He also said that real estate developers are burdened by multiple taxes such as
VAT, stamp duty and service tax.
Mr. Shettar asked CREDAI to focus
on affordable housing for people. He said meeting will be convened to discuss
their problems related to taxes and approval process. Source: Business Line.
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