Real estate body urges PM for a single license to operate across the country

FIABCI
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FIABCI

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Farook Mahmood Chairman Emeritus & Founder President FIABCI - India, and Consultant- Strategic Planning urged the Prime Minister Narendra Modi and Union Minister Hardeep Singh Puri

Farook Mahmood Chairman Emeritus & Founder President FIABCI - India, and Consultant- Strategic Planning urged the Prime Minister Narendra Modi and Union Minister Hardeep Singh Puri to for a single license for brokers to operate throughout the country irrespective of the state they belong to.

Explaining the problem Mahmood said, "Currently realtors have to apply for licenses to the respective state governments for first sales and cannot operate beyond the jurisdiction of the license being granted. Since the real estate industry and small brokers in particular have got affected badly by the pandemic, we at FIABCI have urged the government to allow brokers to operate throughout the country with just one common license."

"FIABCI's appeal to the central government has been made in the light of the fact that several brokers have been reeling under pressure due to all time low business in the last one year and more owing to series of lockdowns with near zero second sales in many cities. This has prompted many small brokers to shut shop as well," he added.

The body has also appealed to the PM to accord industry status for the developers, which, according to Mahmood, will give us a strong platform to voice our concerns.

"The industry contributes millions of crores of rupees to the exchequer and we don't see why we should not

be granted industry status.

We plead with you in the light of the fact that several brokers have been reeling under pressure due to all time low business in the last one year and more owing to series of lockdowns with near zero second sales in many cities. This has prompted many small brokers

to shut shops as well," the letter read

The letter also apprised that 18% slab of the GST on the real estate sector is a huge burden.

"Customers are not willing to pay GST and hence we Realtors have to absorb the cost. We urge you look at GST waiver or at least a reduction on both first and second sales as well as brokerage. This will give immense fillip to the lagging real estate industry," he added

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