'Urban Infra key to realty revival'

PUNE: The struggling real estate sector can revive only when urban infrastructure is made available in the residential areas by the developers, said economist Vijay Kelkar.
Addressing the 37th annual general meeting of Credai Pune Metro in the city, Kelkar said, "The real estate sector, which is facing a downturn due to the unprecedented crisis can recover and prosper only if proper urban services and resources are made available in the residential areas by the developers and also if the sector is brought under a single-rate GST, which can be of 12 percent.We have to introduce some policy measures in order to stimulate supply and demand in the real estate sector”.
He further batted for tax reforms in rental housing.
“Tax should not be levied on renting spaces utilized for residential space and we need to reform the rental laws. The Covid related crisis has affected the economy and has had a negative impact on commerce. I am pessimistic about the economic growth and by 2022-23 the Indian fiscal growth will not be more than 10 percent. The country is going to take time to recover,” Kelkar.