Real estate industry must pass GST benefits to homebuyers, says Kishan Reddy
Union Minister G. Kishan Reddy urged the sector to ensure cost reductions from tax reforms reach consumers during a property show in Hyderabad.
Union Minister for Coal and Mines G. Kishan Reddy on Sunday urged the real estate industry to pass on benefits from tax reforms 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 helped reduce construction costs by an estimated 3-5 per cent.
Reddy stated that these reforms have strengthened consumer purchasing power. He also called for the adoption of Transit-Oriented Development (TOD) to integrate housing, offices, and markets with public transport for more sustainable cities.
The Minister highlighted central government infrastructure investments, including the Regional Ring Road (RRR) and the proposed Outer Ring Rail, which he said would expand the Hyderabad metropolitan region. He noted that proposed high-speed rail corridors would also support long-term city expansion.
According to The Hindu, Reddy mentioned that the Union Cabinet-approved ₹1 lakh crore Urban Challenge Fund (UCF) will support transforming cities into economic engines by aiding the renewal of crowded urban zones and improving water and sanitation systems.
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 have been registered under RERA.
Reddy noted the sector's link to national economic growth, citing the expansion of highways, railway modernisation, and railway electrification across Telangana and the country.