As the Goods and Services tax (GST) countdown has begun from 1 July2017, India moves to a new indirect tax command. This is the perpetual question comes in the minds of homebuyers whether it a good time to buy a house? This question assumes significance as from July as GST rates have been increased in all sectors.
The Indian real estate sector has been going through significant transform in the recent times as recently implemented Real Estate and Regulation Act (RERA) has already started for addressing transparency and stick level of accountability.
In the history of the Indian property sector real estate builders and brokers are always unprecedented to make a new cost dynamics in real estate as RERA has been introduced by Central Government.
With recent implementation of RERA and GST it is getting abuzz with a lot of queries coming up from the customers’ end in this sector. Buyers who had booked under- construction homes are keen to know the new increased/reduced cost equation of properties.
Interestingly, for real estate sector, the implementation of GST will definitely be a positive sentiment booster among property buyers where buyers can buy ready to move property at zero percent GST. Ready-to-move in properties would be preferred by homebuyers as this sector is out of the GST sphere. It is said that such properties are likely to nominal for both buyers and real estate developers.
With Zero percent GST, the whole exercise of GST in real estate is to bring down the project cost of developers where it is also projected with under GST; the credit input for construction cost of materials will be passed on as benefit to buyers.
GST may be a single to bring down the prices of residential for short term. However, it will benefit residential real estate sector and the builders. the perception of the sector will improve on the back of a simplified tax structure and accountability being fixed at every stage.
There is confusion with Zero GST Impact” as uncertainty how the new tax rate may affect property prices. The company kept the earlier tax rate for the first 100 bookings in six of it’s under construction projects following the GST rollout.
However, it is observed that the marginal change in the percentage of these variables will make a huge difference as transportation and logistics costs reduce in the single taxation system. There might be marginal impact on the real estate sector in the near term; Developers are definitely looking at a significant improvement in this segment. With Zero percent GST, developers too will find the GST command much simpler to work.
Builders in Gurgoan are advising buyers to buy the property while avoid GST and pay 4.6% service tax. So with fuss stipulation, one can also plan and book their dream house with Zero percent GST.
To sell the property builders will even extend a discount on the amount due from buyers to protect them against a 12% GST, so if you are also willing to try your hands in ready to move property, approach Raheja and get your dream house in lush greenery of Gurgoan.
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