PHDCCI seeks infra status for entire real estate sector

New Delhi: Industry body PHDCCI today demanded that the government should give infrastructure status to the entire real estate sector instead of confining it to only affordable housing segment.

“PHD Chamber of Commerce and Industry has proposed to the government to bring in Real-Estate under Infrastructure Status category rather than confining it to Affordable Housing Segment since it handholds about 265 ancillaries and accordingly feed them with its expansion and contraction,” the association said in a statement.

The proposal was submitted to Union Minister of Urban Development and Housing and Urban Poverty Alleviation M Venkaiah Naidu.

A delegation of PHDCCI consisting of its Sr Vice President and Vice President Anil Khaitan and Rajeev Talwar including its Director, Ranjeet Mehta met Naidu post-budget.

Khaitan and Talwar appreciated the NDA government initiative for conferment of infrastructure status on affordable housing.

They urged the minister to take up this proposal to the finance ministry so that the entire real estate activities also get benefits of infrastructure status.

The Chamber hailed the governments another initiative in the budget proposals as per which the real estate developers would get tax relief on unsold stock as liability to pay capital gains will arise only in the year the project is completed.