The Telangana Chief Minister, K Chandrasekhar Rao, has assured the real estate sector that the State Government would bring about certain changes in tax structure and offer single window clearance aimed at streamlining the clearance process and boosting the sector's prospects.

During the recent three-day Credai meet here, he announced that the Government would consider withdrawal of NALA (non-agricultural land tax) and VAT for real estate sector, while rationalising the seigniorage fee to Rs 3 per sq.ft of the built-up area.

Payment of impact fee

He also announced that the payment of impact fee would be allowed to be paid in instalments instead of one time. This move is seen to help bring about flexibility for developers.

Single window clearance

He said that the real estate sector requires about 40 no-objection certificates, which has become a major source of corruption and delays. Therefore, the State plans to come out with a single window clearance approach.

The Chief Minister said that there will be zero tolerance for corruption in the State. Efforts would be made to take up the issue of clearance with the Prime Minister with regards to simplification of procedures, including from the Ministry of Civil Aviation.

The Chief Minister is keen to boost the brand image of Hyderabad with a series of measures and projects.

The three-day realty event hosted by the Credai here concluded on Sunday with more than 60,000 visitors.

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