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Higher GST will apply to dues on finished real estate project : CBIC – RealtyMyths

RealtyMyths News

Welcome back to this week’s real estate news roundup.

Let’s get started!

  • Keki Mistry, vice-chairman, HDFC feels that the Indian real estate market is going through a tough time. The stress is largely in big cities and for little expensive properties. This is because of the liquidity issue that NBFCs faced in October-November. Mistry wants the government to push banks to lend money to real estate in order to help developers come out of credit problems.
  • According to the CBRE South Asia’s report titled ‘INDIA FLEXIBLE SPACE QUARTERLY DIGEST– Q1 2019, the overall flexible space take-up in India increased by 277% y-o-y to reach about 2.9 million sq. ft in Q1 2019. This represented a 70% increase on a q-o-q basis in flexible space take-up.
  • As per ANAROCK report, Singapore-based private equity (PE) firms such as GIC, Ascendas-Singbridge and Xander are funnelling billions of dollars into India’s realty sector. They are investing heavily in South Indian cities.
  • Adani Group is all set to develop container terminal port in Myanmar. The investment is expected to be around $290 million. It said the investment does not breach Australian, US, UN or other international sanctions against Myanmar.
  • Higher GST will apply to dues on finished real estate project, according to the Central Board of Indirect Taxes and Customs (CBIC). If you’ve got an occupancy certificate (OC) for your house before April 1 this year, the payment of pending dues would draw 12 per cent goods and services tax (GST) rate and the builder will be able to avail of the input tax credit.

That was all for this week, we’ll come back next week with new updates until then stay updated and fingers crossed, may the best party win!

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