Builders seek cut in GST rates, last-mile funding

Union Housing and Urban Affairs Minister Hardeep Singh Puri convened a meeting on Thursday with all stakeholders to discuss several measures, including an effective implementation of the RERA, to "revive" the real estate sector. The ministry sources said that in the meeting, a suggestion to create "stress assets fund" was discussed to complete the stalled projects of builders by providing last-mile funding to them. Builders suggested reduction in the Goods and Services Tax (GST) as part of boosting the real estate sector, they said. The meeting was initially scheduled to be chaired by Finance Minister Piyush Goyal at Rail Bhavan, but Puri presided over the meeting in his absence as Goyal had some work. Representatives of the Finance Ministry, the Ministry of Housing and Urban Affairs (HUA), builders, NITI Aayog, banks, National Buildings Construction Corporation (NBCC) and other concerned departments attended the meeting.