Story: MCHI-CREDAI says LBT will further burden home buyers

MCHI-CREDAI, real estate industry bodies on friday opposed the Government's decision to introduce LBT saying it goes against the home buyers' interests.

"We strongly believe that the LBT which the Government is trying to introduce is detrimental to both the developer and home buyer community. What it means is that home buyers who are already paying various taxes will need to cough up even more in the form of this new tax. The affordable housing is becoming a distant dream with additional new taxes being introduced from time to time. The primary motive of the government is to provide affordable housing and not to use housing as a source of generating revenue" said Mr. Vimal Shah, President of MCHI-CREDAI.

Developers who are already reeling under the pressure of sluggish economy will be forced to pass on this new tax to end-users. This will raise property prices, thereby hurting the prospects of affordable housing, which is the need of the hour" added Mr. Shah.

We request government to reconsider in these taxing issues. The government should come up with policies which will help reduce burden on home buyers.