Real estate sector should pass on GST benefits to home buyers: G. Kishan Reddy

According to a report by The Hindu, Union Minister for Coal and Mines G. Kishan Reddy said on Sunday that reforms under GST 2.0 and the new income tax regime have strengthened consumer purchasing power and helped reduce construction costs by approximately 3 to 5 percent. He appealed to the real estate industry to ensure that these benefits are passed on to home buyers.

Addressing the concluding day of the National Real Estate Development Council (NAREDCO) Telangana Property Show in Hyderabad, he called for the adoption of Transit-Oriented Development (TOD). This is an urban planning method that integrates housing, offices, markets, and public transport facilities into a single framework to build sustainable and livable cities.

Highlighting the central government's investments in the infrastructure sector, the minister stated that projects like the Regional Ring Road (RRR) and the proposed Outer Ring Rail will significantly expand the Hyderabad Metropolitan Region and create new opportunities for development. Mentioning the proposed high-speed rail corridor, he stated that it will strengthen the future transport network and support the city's long-term expansion. He also urged the private sector to actively participate in Hyderabad's growth story.

The minister stated that the ₹1 lakh crore Urban Challenge Fund (UCF) approved by the Union Cabinet will help transform cities into engines of economic growth by supporting the redevelopment of congested urban areas and the expansion of water supply and sanitation infrastructure.

Describing home ownership as one of the most important decisions in a family's life, he stated that the Real Estate (Regulation and Development) Act (RERA) has increased transparency and accountability in this sector. Nearly 10,000 projects and 4,000 agents are registered under RERA in Telangana.

Stating that the real estate sector is closely linked to the country's economic growth and aspirations, G. Kishan Reddy mentioned the rapid expansion of highways, railway electrification, and ongoing railway modernization projects in Telangana and the rest of the country.