Ensure GST benefits reach homebuyers, Kishan Reddy to realty sector

Union Minister for Coal and Mines G. Kishan Reddy on Sunday said reforms under GST 2.0 and the new income tax regime had strengthened consumer purchasing power and helped reduce construction costs by an estimated 3-5%, and urged the real estate industry to ensure that the benefits are passed on to homebuyers.

Addressing the concluding day of the National Real Estate Development Council (NAREDCO) Telangana Property Show in Hyderabad, he called for the adoption of Transit-Oriented Development (TOD), an urban planning approach that integrates housing, offices, markets and public transport facilities into a unified framework to create sustainable and liveable cities.

Highlighting the Central government’s investments in infrastructure, the Minister said projects such as the Regional Ring Road (RRR) and the proposed Outer Ring Rail would significantly expand the Hyderabad metropolitan region and create new opportunities for growth.

Referring to the proposed high-speed rail corridors, he said they would strengthen future transportation networks and support the city’s long-term expansion. He also urged the private sector to actively participate in Hyderabad’s growth story.

The Minister said the Union Cabinet-approved ₹1 lakh crore Urban Challenge Fund (UCF) would help transform cities into engines of economic growth by supporting the redevelopment of congested urban areas and the expansion of water supply and sanitation infrastructure.

Describing home ownership as one of the most important decisions in a family’s life, he said the Real Estate (Regulation and Development) Act (RERA) had enhanced transparency and accountability in the sector. In Telangana, nearly 10,000 projects and 4,000 agents have been registered under RERA.

Stating that the real estate sector remains closely linked to the country’s economic growth and aspirations, Mr. Kishan Reddy cited the rapid expansion of highways, railway electrification and ongoing railway modernisation projects across Telangana and the rest of the country.