States should not levy stamp duty on affordable housing to boost demand for low cost homes, realty major DLF's CEO Rajeev Talwar said today.
He said the Centre has already reduced GST on affordable housing to 8 per cent and is also providing interest subsidy to home buyers.
"There should be no stamp duty on apartments up to 60 square meters," Talwar said while addressing a real estate conference organised by CII and property consultant CBRE.
He said the real estate should not be treated as 'milching cow' and added that there is a case for even lowering the GST rate from current 12 per cent.
Talwar disagreed that the real estate sector has faced triple whammy in form of demonetisation, new realty law RERA and the GST, saying these are great reforms that will bring transparency in the sector.
DLF's CEO said there is huge opportunity in the real estate sector and asked developers to encash it by creating surplus housing stock.
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CBRE Chairman India and South East Asia Anshuman Magazine said the RERA will drive demand for housing as the new legislation would boost consumer confidence.
He said the technology would be a big disruptor and game changer going forward in the real estate.
Realty portal Housing.com Chief Business Officer Mani Rangarajan said housing sales and launches have improved, while unsold inventories are getting reduced.
"Globally real estate is going for a change and we need to embrace change," he added.
Confederation of Real Estate Developers' Associations of India (CREDAI) Chairman Getamber Anand stressed there is lot of action on the ground in affordable housing segment where margins are low but huge scope for volumes.
Anand also said after sales service is important in housing market.
Tata Housing MD & CEO Sanjay Dutt said for the company "living up to brand was important, sustaining it is also important".
He added that the reforms like RERA (Real Estate (Regulation and Development) Act) would bring lot of discipline among developed but it will take 10-15 years for sector to become organised.