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Kolkata, The real estate sector wants stimulus in the form of sops in the upcoming <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword> to boost housing demand, a top <keyword id="282927" type="PERSON" weightage="20" keywordseo="CREDAI-Bengal">Credai Bengal</keyword> official said. The demands include personal tax relief, tax rebate on housing, extension of <keyword id="118132" type="PERSON" weightage="20" keywordseo="Interest-subvention">interest subvention</keyword>, GST waiver, infrastructure status for the realty and easing liquidity for the sector, the official said. The Budget for financial year 2021-22 will be presented on February 1. In recent months, the government had offered ₹25,000 crore stress asset fund for the uncompleted housing projects, increasing the differential from 10 per cent to 20% under Section 43(CA) of the IT Act till June 30, 2021 were announced apart from ongoing interest subvention scheme. "The year 2020 has been an unprecedented period in human history that disrupted the normal course of life. Since the outbreak of the pandemic in India earlier this year, the real estate sector reeling under a liquidity crunch, witnessed a flurry of challenges, Credai, West Bengal, president <keyword id="393413" type="PERSON" weightage="20" keywordseo="Sushil-Mohta">Sushil Mohta</keyword> told . "There is a need to bolster the real estate sector that contributes 8 per cent of the country's economy as it is gearing for a big leap in the next 10 years," he said. Global real estate consultant Knight Frank India chairman and managing director <keyword id="1417134" type="PERSON" weightage="20" keywordseo="Shishir-Baijal">Shishir Baijal</keyword> in a pre-budget wish demanded A separate annual deduction of ₹150,000 that will provide the much-needed fillip to opt for house purchase. On the aspect of housing demand, Section 80 C tax deduction on home loan principal repayment does not provide for a focused benefit on housing, he said. "Hike the ₹2 lakh tax rebate on housing loan interest rates to at least ₹5 lakh to generate healthier housing demand, most notably in affordable and mid-segment housing. The last increase in the deduction limit under Section 80C (to ₹1.5 lakh a year) was in 2014 and an upward revision is long overdue," Mohta who is also the Merlin group chairman said. He also demanded GST waiver for under-construction homes and extension of the interest subvention by another three years. Baijal said the government should use this budget session to refer to recommendations on restoration of GST input tax credit to the upcoming <keyword id="6355040" type="COMPANY" weightage="20" keywordseo="GST-Council">GST council</keyword> meet. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a> <a href="https://www.businessinsider.in/budget/news/do-not-panic-when-finance-minister-nirmala-sitharaman-reads-out-the-revised-estimates/articleshow/80400869.cms">Do not panic when Finance Minister Nirmala Sitharaman reads out the revised estimates</a>

Realty sector seeks sops in upcoming Union budget

New Delhi, Jan 17 () Realtors' apex body CREDAI on Friday said its developer members have given flat allotment letters to families of nine CRPF personnel martyred in terror attack at Pulwama in Jammu and Kashmir.
 After the attack in February 2019, the Confederation of Real Estate Developers Association of India (CREDAI) had promised to offer a two-bedroom house to each family of CRPF personnel who lost their lives in the Pulwama terror attack.
 On Friday, CREDAI, which has 12,000 members, organised a ceremony in Delhi-NCR to hand over flat allotment letters to the families of Pulwama martyrs. 
 D S Chauhan, IPS, NS, IGP, members of CRPF and the developers who have donated the flats were present at the occasion.
 "The association has handed over 9 flat allotment letters to the families of Pulwama martyrs in Delhi-NCR," CREDAI said in a statement. 
 Additionally, 10 flats have already been allotted in other states -- West Bengal, Rajasthan, Tamil Nadu and Jharkhand out of total 40 flats committed by CREDAI.
 Members who have offered flats include ATS, Gaurs group, Supertech, Prestige Group, Alcove Realty, Mirchandani Group, Anukampa Group, Manglam Group, Narvik Nirman &amp; Financers, Wish Empire, Berry Developers, Krish Group, BCC Infra, Belani Group, Raheja Developers, Rameshwaram Group and Akshat Apartments.
 "Keeping up with the spirit of patriotism and recognizing the sacrifices made by the family, we have come forward with this gesture. As we promised to offer homes to the families of the deceased, we are pleased to announce the allotment of 9 flats in Delhi-NCR," said Getamber Anand, ATS Chairman and former President, CREDAI National. MJH RVK

CREDAI members allot 9 flats in Delhi-NCR to families of martyred CRPF personnel in Pulwama

Kolkata, May 13 () The industry bodies and leadingbusinessmen in West Bengal on Wednesday lauded the financialpackage and policy interventions announced by the Centre, torevive the country's economy, which has been severely hit dueto the coronavirus-triggered lockdown.The turnover-based definition of MSMEs has addressed along pending demand and extended the benefits to a largenumber of companies, city-based Indian Chamber of Commercesaid in a statement.Finance Minister Nirmala Sitharaman announced Rs 3lakh crore of collateral-free loans for small businesses, acut in the tax rate for non-salary payments and measures toprovide liquidity to non-banking companies to help them tideover the disruptions caused by the lockdown."The Rs 3 lakh crore government guaranteed loans tothe liquidity-starved MSMEs would go a long way in stabilisingand strengthening the sector," the industry body said.The power distribution companies, which are facingunprecedented cash flow problem, will be benefited from theemergency liquidity injection to the tune of Rs 90,000 crore,it said.City-based Merchants' Chamber of Commerce presidentVivek Gupta also hailed the Centre for new defenition ofMSMEs."Hope MSMEs will be fully able to extract benefitsfrom the implementing institutions," he said.Bandhan Bank MD and CEO, C S Ghosh, said, "Thespecial liquidity and partial credit guarantee schemes forNBFCs, HFCs and MFIs will ultimately benefit the endconsumers, many of who are in the rural and semi-urban areas."Praising the stimulus package, Village FinancialServices MD and CEO Kuldip Maity said the microfinanceinstitutions have been facing a tough time due to significantcash flow issues."The liquidity infusion measures will help combat therising stress in the sector and eventually, cater to the needyborrowers who are in search of emergency loans to resume theirbusiness operations," he said.Welcoming the package unveiled by the Centre,Engineering Export Promotion Council of India Chairman RaviSehgal said, "Infusion of liquidity through debt and evenequity into the MSMEs is a major step forward."Real estate developers on Wednesday said thegovernment's decision to extend the timeline of completion ofprojects by six months will provide much needed relief to theindustry but sought more measures to improve liquidity, reduceinput cost and boost housing demand.Credai West Bengal President Sushil Mohta appreciatedthe declaration of Covid-19 as "Force Majure" that will givethe "real estate sector some breather"."The sector is very important for restarting theeconomic activities. There is much more to be done. We areexpecting a reduction in interest rates," Mohta said. BSMBDC BDC

Bengal Inc lauds special package to revive economy

Kolkata, Apr 7 () Stating that the real estatesector in West Bengal has been badly hit by the nationwidelockdown imposed in the wake of the coronavirus outbreak,industry body CREDAI on Tuesday wrote to the centralgovernment demanding several relief measures.In the letter, CREDAI's West Bengal chapter presidentSushil Mohta said the outbreak has spelt disaster for the realestate sector.It said that following the lockdown demand for homesand offices has totally evaporated, severely affecting cashflow from sales.It also affected the payment of rents by occupants,the letter said.The industry body sought deferment of GST and incometax payments due in March, April and May by at least 180 days,besides waiver of interest and penalty on delayed tax paymentsfor the current financial year.It also said that the government should give amoratorium of six months on all due and overdue EMI/intereston all loans, including term loans.The real estate sector, once the lockdown is lifted,will require at least six months to mobilise people and otherresources, it said.CREDAI said that to maintain business continuityduring these six months, SEBI may kindly not treat as defaultthe delays in debt servicing capital market instruments. dcSOM SOM

Realtors in Bengal seek relief from govt, say COVID-19 lockdown badly hit demand

A large number of <keyword id="8750874" type="UNKNOWN" weightage="20" keywordseo="millenial-farmers">millenial farmers</keyword> in villages around Nashik district of Maharashtra are making more money from alternative jobs like electrician, plumbing and fabrication than from farming itself. Most of these farmers are earning between Rs 7,000-15,000 per month from alternative jobs in construction-affiliated industry, which they said is "good enough money" to support their agriculture-dependent families. These millenial farmers, who are mostly educated till 12th standard, are gradually emerging as talented professionals, thanks to the vocational skill training intervention by PNB Housing Finance Ltd (PNBHF) as part of its corporate social responsibility (CSR) initiative implemented with the support of Confederation of Real Estate Developers' Associations of India (CREDAI) and Vivekananda Institute at Nashik. Looking at the uncertainty in agriculture, a matric-passed farmer Sagar Nivruthi Bodke (22 years), who assists his family in a 2.5-acre farm land located at Tadwade village in Trimbakeshwar Taluk, took up the 45-day free training course on fabrication at Vivekananda Institute last year. "There is not much income from agriculture. Both monsoon and markets are unpredictable. Despite efforts of entire family, the return from a piece of farm land is very low. Youth like me cannot even think of asking salary for my share of work," Bodke told . Stating that farming is becoming difficult with increased water woes in Trimbakeshwar, he said an alternative job like fabrication comes handy to sustain during off season. "Now, I have my own work. I earn Rs 14,000 to Rs 15,000 per month. My family is happy that I earn from this new job and at the same time help them in agriculture activities," he said, adding that he was able to learn fast as the course syllabus was more on practical knowledge than theory. Sharing a similar story, 20-year old Abhishek Mohan Daghar said he has become a certified electrician after getting the training at the institute and been working with a building contractor for last three months. "I am getting Rs 7,000 per month, which is not bad for a 12th Class fail youth. We have 5 acres of farm land and I help my father in agriculture and also doing electrician job," Daghar said and added that he was ready to join a company if he was offered better salary. There are many millenial farmers like Bodke and Daghar in and around Nashik who have either become entrepreneurs or got placed in companies after the training. The objective of the intervention, PNBHF Chief People Officer Anshul Bhargava said, is constantly build inroads for upgrading skills of construction workers and creating a conducive environment for them. The purpose is to improve the socio-economic condition of this community. Now, the demand for such courses is increasing not only among millenial farmers but also from youth belonging to economically weaker groups who want to acquire new skills to find job opportunities. For instance, 21-year old Vinayak Rawat (12th class pass) after the training course got placement as electrician at Chinese home appliance giant Haier in Nashik and is earning as much as Rs 15,000 per month. "I did the course in June-July 2019 and now working with Haier. My salary is Rs 15,000 per month. Gradually I started earning more money because of incentive given on marketing of the company's products," Rawat said, adding that additional skills that were taught at the training helped him deal with customers, market the company's products and earn incentives. Under this partnership, CREDAI President Satish Magar said it has been able to directly reach out to 40,000 unemployed youth from underprivileged backgrounds, helping them access entry levels job opportunities in construction affiliated industries. Since many of the existing plumbers, electricians and fabricators have picked up skills on job and are not trained at all, Vivekanand Institute Executive Officer Sandip Kuyate said, "Such courses help supply of trained workers who can provide better services keeping safety on priority." "Along with the course, we teach additional basic skills like computer, soft skills, entrepreneur development skill, financial literacy and career counselling," he said, adding that such skills give them confidence to deal with customers. As per the latest data, PNBHF has trained over 1,500 youth in electrician, plumbing and fabrication skills in the last three years in Nashik district alone, while a total 41,744 youth between 2015-16 and 2019-20 across India. There is 70-75 per cent placement after the training. Besides Maharashtra, PNBHF is offering such training courses in 10 states -- Gujarat, Uttar Pradesh, Haryana, Karnataka, Tamil Nadu, West Bengal, Kerala, Andhra Pradesh, Telangana, and Orrisa. The certificate courses are recognised globally as it is accredited by the National Skill Development Council (NSDC) and Construction Skill Development Council Of India (CSDC). The courses are offered free of cost to people belonging to economically weaker sections. PNBHF is investing Rs 8,000 per candidate for the training and aims to train 13,000 persons this fiscal. Many students travel 20-25 km from Nashik city to attend classes and Vivekananda Institute is also offering hostel and meal facility here. See also: <a href="https://www.businessinsider.in/business/news/mh-bud-cm/articleshow/73843286.cms">Budget does injustice to Maharashtra, Mumbai: Uddhav Thackeray</a> <a href="https://www.businessinsider.in/business/news/bjp-ruled-states-praise-pro-people-budget-others-say-it-lacks-vision-to-revive-economy/articleshow/73846584.cms">BJP-ruled states praise 'pro-people' budget, others say it lacks vision to revive economy</a> <a href="https://www.businessinsider.in/politics/policy/news/new-government-in-maharashtra-led-by-uddhav-thackeray-sharad-pawar-and-congress-what-to-expect/articleshow/72271660.cms">Here's what to expect from the new government in Maharashtra</a>

You Searched For "CREDAI Bengal" and got 5 results

Realty sector seeks sops in upcoming Union budget

PTI

CREDAI members allot 9 flats in Delhi-NCR to families of martyred CRPF personnel in Pulwama

PTI

Bengal Inc lauds special package to revive economy

PTI

Realtors in Bengal seek relief from govt, say COVID-19 lockdown badly hit demand

PTI

Millenial farmers making more money from alternative jobs than farming

PTI

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