In a major development in the Real Estate market in India, the National Anti-Profiteering Agency (NAA) has ruled that Real Estate Developers in India must pass on the benefits of GST immediately as per right norms immediately.
Two recent cases led to these developments which are a major sigh of relief for Home Buyers on their real estate investment in India.
A leading developer who had developed a residential project in one of the metropolitan cities of India had registered as per the latest GST norms and had received the benefit of the new GST norms. But, the property developer failed to pass on the benefit of the new GST slab to the home buyer.
Later, the home buyer along with top authorities at NAA filed a complaint as co-applicants and this when the Director-General Anti Profiteering presented a detailed report.
In the above-mentioned case, the residential developer had accepted the fact that it had profited from the new GST implications but stated that it failed to pass on the benefit because of the lack of calculations.
The DGAP then highlighted the fact that the Income Tax Credit (ITC) of the unsold properties was outside the scope of the investigation which is why the developer must recalibrate the calculations to the selling price.
Later, when the property developer argued that it had already passed on the benefit to the home buyers and would do the rest later when the project was complete and the exact numbers are ascertained, the authorities scrutinised all the legalities of the case.
Meanwhile, the developer stated that the right time to determine the profiteering of the project would be once its completely sold and also elaborated that a huge portion of the development work was done by subcontractors.
Any homes for sale in India enjoying GST benefits must be profitable to both the developers and the buyers.
Another aspect that the NAA had observed was that the developer availed the ITC benefit immediately hence since the buyers did not receive the benefit at the right time, it directed the developer to completely compensate the buyer with immediate effect.
And also because the developer delayed the process in spite of all the existing provisions the developer has been penalised.
The rulings in this and the previous case were just a sign of caution to the home buyer to set an example for other developers in the Real Estate market in India. All property developers must follow the clearly specified provisions of Real Estate in India.
Homes247.in has been constantly writing about the latest developments in the Real Estate Market in India in our Home Guide section to guide and educate home buyers which in turn enables them to make safe and prosperous investments.
India has seen major changes in the property market in recent years thanks to the new rules and regulations implied by the Government of India to safeguard and also maximise the investment benefit of the home buyer.
GST has been a landmark financial reform attracting both appreciation and criticism from people of India. But when these reforms have been taken to clear out bad practices in this sector, all real estate developers and buyers and investors are following them sincerely.
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