Housing sector burdened with hefty taxes: Irfan Razack
By chennaivision at 25 July, 2009, 4:48 pm
Bangalore, The housing sector in the country was burdened with hefty taxes imposed by both the Central and State Governments and it needed to be reduced to lessen the cost of owning a house, Mr Irfan Razack, CMD, Prestige Groups said today.
Talking to newspersons here after announcing the completion of two more housing projects of the Prestige Group– the Prestige Kensington Gardens and the Prestige Wellington Park– located near Ramvilas Extension in the city, Mr Razack said the Housing sector was heavily taxed.
Claiming that more than 45 per cent of the total cost of any housing project went towards taxes either paid to State or Central Government, he said there was need to reduce it.
The representatives of the Real Estate Developers in the housing sector had a talk with the Union Ministry of Housing in this regard, he added.
”The recent Union Budget had nothing to offer for the housing sector,” he said.
On two housing projects which were completed today, Mr Razack said each project, consisting of 419 apartments of either two or three bedrooms, were completed within schedule and lived upto the commitment made to the customers.
Stating that the Group had plans to build over 20 million sft space in Hyderabad, Cochin, Chennai and Mumbai, both commercial and residential properties, Mr Razack said over the last decade the Group had firmly established itself as one of the leading and most successful developers of real estate in the country.
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