Goa CM cuts infrastructure tax by 30% to revive real estate

goa-cm-cuts-infrastructure-tax-by-30-percent-to-revive-real-estate

PORVORIM– Pramod Savant, Goa CM on Wednesday announced a cut in infrastructure tax. He said that in an attempt to revive real estate, the infrastructure tax levied on the construction sector will be reduced by 30% over a period of six months starting from 1 April 2021.

The CM also proposes to extend the online building plan approval management system for apartment buildings, commercial buildings and industrial buildings.

The TCP department is about to propose different rules and strategies. These rules will help for implementing transferable building rights provisions for the acquisition of much-needed land taxes, public projects and to preserve cultural heritage structures.

Nilesh Salkar, Credai president said:- We are pleased that our appeals to the government received a positive response. The steps outlined by the CM in the budget speech will definitely strengthen the morale of our sector.

Words from CM-

The problem of double taxation in registration fees and stamp duty will also be simplified. This will be beneficial for the housing construction sector and also reduce their financial difficulties. Several major improvements in the functioning of the Planning and Development Authorities will also be introduced. Further, Notary engineers and Notary architects assigned to provide third-party certification for low-risk projects. Certification by these professionals considered valid by TCP for issuing technical approvals and execution orders.

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