GST an announcement by Mr. Amit Wadhwani, Co-Founder, Sai Estate Consultants Chembur Pvt Ltd and Mr. Ashok Mohanani, Chairman EKTA World and Vice-President, NAREDCO WEST.

New Delhi, February 28, 2019: 

Mr. Amit Wadhwani:

“The revised GST rates will be an added boost for home buyer sentiments across the sector especially in concurrence with the recent budget announcement and alteration in the RBI repo rate. Rationalizing the GST for affordable houses is a levelheaded move by the council, this will further enhance the purchasing power of buyers in alignment and will help to achieve the “Housing For All” mission. While this move will aid the Lower Income Groups and Economically weaker sections of the society, we are yet to understand just how much will the realty sector or the builder community will benefit from this as the revised rates come with no Input Tax credit and we are still expecting some revision on GST rates for cement. However, in the light of yet another decision that could be a fillip to the real estate sector, moving ahead, the govt must ensure they work towards making potential land parcels & due permissions available”

Mr. Ashok Mohanani:

“The expected cut down in GST rates for under construction projects to 1%  & 5% for affordable housing will be great push for the sector, it will been seen as yet another revolutionary decision by the Government, bring in a wave of relief to the buyers. Homebuyers can once again look/opt to invest in properties if there is a reduction in the tax rates and more over it will assist developers in clearing off their unsold stock. And on the other end, the decision to charge an additional 1% stamp duty surcharge on value of property may act as a mild dampener to roaring spirits.”

Corporate Comm India(CCI Newswire)