The National Real Estate Development Council (NAREDCO), Nashik, has urged the government to reduce the Goods and Services Tax (GST) on raw materials. It urged the state government to reduce the stamp duty to make property prices cheaper by Rs 200-300 per sq ft.

NAREDCO has also alleged an artificial rise in the prices of cement and steel in the last few months, which resulted in a rise in construction costs. It has requested the government to ensure the prices remain stable for a minimum of six months.

A NAREDCO council is meeting Maharashtra Real Estate Regulatory Authority (MahaRERA) authorities seeking an extension for completing the projects.

According to a senior member of NAREDCO Nashik, Jayesh Thakkar, if MahaRERA does not provide an extension, the council will stop buying cement and steel as part of the protest.

Another official of NAREDCO Nashik, Abhay Tated, told the media there has been about a 40% rise in raw material prices.

He said that selling properties at the existing rates is complex. The property prices will be increased by Rs 300-750 per sq ft.

A senior member of NAREDCO, Sunil Bhaybhang, said that the rising material cost had restricted the launch of new residential and commercial projects.

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