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GST Rate Cut

What the Real Estate Market Expects from the GST Council – RealtyMyths

After being post-postponed a few times, the 33rd GST Council meeting came to a draw on the 24th of Feb 2019. With the elections around the corner, it was expected that the council would introduce sops to appease voters in favour of the incumbent. The prominent expectations of the real estate sector from the GST Council ahead of the meeting were as follows: First and foremost, the sector expected a reduction of Goods and Service Tax rate on under-construction residential projects. It was proposed that the GST Council reduce GST on non-affordable housing from the existing 12% to 5%. And in the case of affordable housing, from 8% to 3%. In both the cases, it was proposed that Input Tax Credit (ITC) should be removed as it remains unutilised due to the high tax on cement and other raw material...

New GST Rate for a Better Tomorrow in Real Estate – RealtyMyths

Mr Rishi Jain, Managing Director, Jain Group One of the most important things that a person can aspire for is – having their own home. Home, just after food and clothing are the most basic and yet the most aspiring element of someone’s life as most people buy homes only once in their lives. Normally, people shortlist homes based on few parameters – like the location, the amenities and facilities or other USPs that a project offers or even distance from some places – like schools, colleges, local market, hospitals, shopping enclaves etc. But, most of the times, the factor that plays the biggest catalyst is – Price. For the middle-income group (MIG) segment of India, the price is the most important factor which makes people decide on actually buying the homes. To increase demand in the real ...

GST Rates Cut, Affordable Housing Redefined – RealtyMyths

The slash in GST rates to 5% without ITC from the previous 12% with ITC for premium homes, and to 1% minus ITC for affordable homes from the earlier 8%, gives the beleaguered realty sector the much-needed breathing room and will certainly help it maintain some forward momentum in 2019. Another booster shot given by the government is changing the very definition of the budget-range of affordable housing. Extending the definition to housing priced within INR 45 lakh is credible. It will make more properties from the premium budget fall into the affordable segment category, and thus benefit buyers in cities like MMR where property prices are exorbitant. Yet again, the affordable segment has got a major push today and buyers of this segment will benefit immensely. This will certainly cause sal...

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