The Confederation of Real Estate Developers’ Associations of India (CREDAI) has strongly opposed the proposal to levy an 18 per cent Goods and Services Tax (GST) on Floor Space Index (FSI) and Additional FSI charges imposed by local authorities for real estate projects.

In a letter addressed to the Finance Minister Nirmala Sitharaman, CREDAI urged the central government to reconsider the move, warning that it could lead to a significant increase in housing prices and adversely affect both supply and demand in the real estate sector.