New Delhi, Jul 18: Textiles Minister Smriti Irani was today given the additional charge of the Information and Broadcasting Ministry after M Venkaiah Naidu resigned from the Cabinet to contest the vice-presidential poll.
The portfolio of urban development, which too was with Naidu, was given to Narendra Singh Tomar, Minister for Social Justice and Empowerment, the PMO said.
The BJP had yesterday decided to field Naidu as NDA's candidate for the post of vice president.
New Delhi, May 25: Realtors' apex body CREDAI has written a letter to Prime Minister Narendra Modi, seeking immediate relief measures to tide over the crisis caused by the COVID-19 pandemic.
The association, which has around 15,000 developer members, has sought one-time debt restructuring, lower interest rate on home loans and tax sops to boost liquidity and demand in the sector.
In an open letter to the prime minister, the Confederation of Real Estate Developers' Associations of India (CREDAI) said, "In this distressful situation arising out of the COVID-19 calamity, we in the real estate sector seek immediate relief for our survival."
Stating that the sector contributes substantially to the country's GDP and has backward and forward linkages with almost 250 industries, CREDAI said, "Our survival, therefore, is not just desirable, it is rather crucial for the economy."
Liquidity crunch, stagnant demand and cartelization of raw materials are major impediments for the industry to kickstart, it added.
CREDAI made seven recommendations to revive the sector and sought immediate intervention from the prime minister.
Pointing out that the situation is "much worse" than global financial crisis in 2008, CREDAI said "a one-time restructuring scheme as was permitted by RBI in 2008 may be quickly instituted by all lending institutions."
Since real estate was already reeling under a cyclical downturn before COVID-19, debt restructuring needs to be allowed for all accounts which were standard as on December 31, 2019, it added.
CREDAI demanded that all banks, non-banking financial companies (NBFCs) and housing finance companies (HFCs) should be directed to provide additional credit equal to 20 per cent of the existing real estate project related advances with no additional security and without the classification of project as NPA.
The penal interest charged by banks and financial institutions should be suspended for a period of one year or until such time as it takes for the pandemic to abate.
To revive housing demand, CREDAI suggested that "government should reduce the maximum rate of interest on new home loans to 5 per cent by subsidizing the interest component of EMIs for next five years."
The limit of principal deduction on housing loan under Section 80C should be increased to 2.5 lakh.
Interest deduction under Section 24 on housing loan for homebuyers may be increased to Rs 10 lakh, it said.
There should be no capital gains for residential properties held for a period longer than one year.
CREDAI also demanded that the subvention scheme be allowed again by National Housing Bank (NHB) and the Reserve Bank.
Under the scheme, builders used to pay EMIs on behalf of homebuyers during construction of projects.
"The economic uncertainty and job insecurity at the moment would not allow purchase of residential property at this time. A scheme whereby a homebuyer would need to pay only margin money with no EMI for 24 months will address this insecurity," the letter said.
The association pointed out that prices of cement and steel have been increased during the lockdown period, and asked for crackdown on cartelisation by manufacturers.
On the GST front, CREDAI said that the current regime of GST provides a rate of 1 per cent for affordable housing.
"The limit of Rs 45 lakh serves as a criterion of affordability for the purpose of GST. On all other housing, GST is applied at the rate of 5 per cent without input tax credit. It has been felt that the criterion of Rs 45 lakh is too low an index of affordability anywhere across the country, and especially so in the metros," the letter said.
It will serve as an inducement to buyers in the metros if the benefit of GST at the rate of 1 per cent is extended to units costing up to Rs 75 lakh, the association said.
CREDAI pointed out that the flat rate of 5 per cent GST for under construction residential housing is causing cost build up and is acting as a deterrent for sale of under construction projects since there is no GST on completed units.
It suggested that GST rate of 1 per cent and 5 per cent, without input tax credit, should continue.
"However, an option of GST @12 per cent for normal housing/ 8 per cent for affordable housing (with 1/3rd deduction for land i.e. effective GST rate of 8 per cent for normal housing and effective GST rate of 5 per cent for affordable housing) with input tax credit (ITC) benefits in line with the scheme applicable for the works contracts for government may be revived and made applicable to the real estate," the letter said.
Lastly, CREDAI demanded that a Rs 25,000 crore stress fund for completing stalled housing projects should be deployed at the earliest.
"We shall be grateful for your much-needed intervention for the above mentioned measures required to revive the real estate sector," CREDAI said in the letter to the PM.
New Delhi, Jul 27: India’s coronavirus epidemic is now growing at the fastest in the world, increasing 20% over the last week to more than 14 lakh confirmed cases, according to Bloomberg’s Coronavirus Tracker.
Infections in the South Asian nation of 130 crore people have reached 14.3 lakh, including 32,771 deaths, India’s health ministry said, with daily cases close to a record 50,000 on Monday. India is only trailing the US and Brazil now in the number of confirmed infections, but its growth in new cases is the fastest.
Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka are among the states where the maximum number of daily cares are being reported. The world’s second-most populous country has been ramping up testing, with 515,472 samples taken on Sunday, according to the Indian Council of Medical Research.
Still, India and Brazil have some of the world’s lowest testing rates, with 11.8 tests and 11.93 tests per 1,000 people respectively, compared to the US with 152.98 tests per 1,000 and Russia with 184.34, according to Our World in Data, a project based at the University of Oxford in the UK.
Nagpur, Feb 21: Former Maharashtra chief minister and senior BJP leader Devendra Fadnavis on Friday condemned AIMIM leader Waris Pathan's reported remarks that 15 crore Muslims are more than a match for the country's 100 crore Hindus, and asked the latter not to mistake the majority community's tolerance for weakness.
Pathan has been widely condemned for reportedly stating that "15 crore hain lekin 100 crore pe bhari hain".
He purportedly made these comments while addressing an anti-Citizenship (Amendment) Act rally in Kalaburagi in north Karnataka on February 16. The AIMIM leader has claimed he was quoted out of context.
Speaking to reporters in Nagpur, Fadnavis demanded an apology from Pathan and asked the Uddhav Thackeray government to take action.
"We condemn the statement made by Waris Pathan and demand an apology. In case he does not apologise, the state government must take action against him," he said.
Fadnavis said Pathan should understand that minorities were safe and enjoyed full freedom in India because 100 crore Hindus live in the country.
He said no one would dare utter such a statement in a Muslim-majority nation, adding that the "Hindu community is tolerant but its tolerance should not be mistaken for weakness".
"Pathan should apologise to the nation and the Hindu community," he said.
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We better prepare another list of those who got killed by saffron terrorists and send it to President of India.
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