N Satyanarayana, Chairman of the Telangana Real Estate Regulatory Authority (TGRERA), has said that transparency and accountability played a critical role in strengthening trust between buyers and developers in the real-estate sector.
“People spend about 70 per cent of their savings in real-estate and construction field. Many a time it may be the only asset one purchases during one’s life. A majority of the buyers won’t have any prior experience in purchasing a house or flat,” he said.
Addressing the daylong Infrastructure and Real Estate Summit 2025 organised by the Confederation of Indian Industry (CII), he said since the stakes were high building trust between the buyers and sellers and protecting was very important.
He said the TGRERA Act brought many positive changes in the construction sector. It was mandatory that every project needed to be registered under the TGRERA and create a separate account.
“There is a need to allow buyers to take informed decisions. Both parties have rights and obligations, and they need to be fulfilled well. The TGRERA is playing a major role in resolving the issues between the buyers and developers. A speedy disposal mechanism by TGRERA is supporting many projects to continue the operations,” he said.
C Shekar Reddy, Past Chairman of CII Telangana, and the National Vice-Chairman of the Indian Green Building Council (IGBC), said that even though Union Government is promoting ‘One Nation – One Tax’ policy, multiple taxes are being imposed at the ground level,” he said.
Tax burden
“Labour cess is being charged on the project value and not on the labour cost. The tax burden is ultimately passed on to the consumers,” he said.
Calling for improving ‘Ease of doing business in construction and real estate sectors’, he felt that the regulatory authority should be consulted before imposing the taxes. “Increasing land costs and the cost of construction are leading an increase in projects costs. There is a need to reduce the burden on the developers,” he said.