The real estate industry is not enthused at the cut in duty on bulk cement from 10% to 8%. However, the cut in service tax rate from 12% to 10% will benefit those who have taken large commercial properties on rent.
Gera Developments CMD Kumar Gera, said the reduction of 2% will have no impact at all. 'It will make a difference of just Re 1 per square foot on the cost of construction. It is irrelevant and means nothing for the industry,'' Gera said.
The property market has been witnessing sluggish sales since the past six months and developers recently urged the state government to come out with a stimulus package for the industry.
The Times of India