Bringing some good news to the investors in the Indian Real Estate Market, the GST Council which met on Feb 24th 2019 ,enforced a welcome revolutionary change in affordable housing and under construction residential projects.
The tax rates on projects under-construction and affordable housing have been reduced.
• GST on under-construction flats has been reduced to 5% from the older 12%.
• GST on affordable homes has been effectively bought down to 1% from 8%.
These revised rates will be applicable from April 01-2019
After a detailed study in the current market scenario, it’s been observed that under-construction segments are suffering from extremely low sales hence the dip in rates.
The reduction in GST 2019 aims to create more demand and eventually increase the sales of under construction or ongoing projects.
A move that is being seen as a life-saver in the realty sector it has been taken in order to save the vulnerable developers and buyers in the market.
The Carpet Area of a property is the basis for categorization of affordable Houses, which varies based on the location they are located in.
• 90 sqm is the limit in non-metropolitan cities
• 60 sqm is the limit in the case of metropolitans.
In Both cases residential properties with a price of 45 Lakhs being the roof fall under this category.
Metropolitan Cities in India include Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurugram, and Faridabad), Hyderabad, Kolkata, and Mumbai (the whole of Mumbai Metropolitan region or MMR) and the rest of India falls under the Non-Metropolitan Category.
As per the latest Indian Real Estate news, this GST rate cut announced by the 33rd GST Council is a huge relief to the realty market which was in due duress and a solid move to boost the real estate sector, especially towards the middle, neo-middle class, and aspirational middle class. The government of India which has a very progressive initiative of ‘Housing for All by 2022’ is proactively working towards the same and understands the importance of the infrastructural development in the country.
This move creates an overall cut of 7% on the total cost of purchase property.
Aspiring homebuyers can now optimize their options to avoid heavy GST rates.
By the drop in the rate for under construction projects, it creates a healthy and motivated atmosphere for investments towards projects that are not complete yet.
Motivates developers to focus more on Affordable Housing both in Metro and Non-Metro Cities.
In the business world, cutting tax rates attracts massively, favourable investments which mean more investments will flow now into real estate.
An Intermediate tax on development rights and taxes on TDR, JDA, FSI* and Lease Premium are revoked.
Implementation of Input credit tax which will benefit customers highly might slightly affect the profits of the Developers. Yet, developers need not worry as all these developments will only increase the overall revenues and business in the real estate market.
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