Categories: Policy

GST rate cut on under construction residential properties – Mr. M Murali, Chairman and Managing Director, Shriram Properties

New Delhi, February 26, 2019: “The government’s decision to cut the Goods & Services Tax (GST) rates is a good fillip for the industry and a clear boon for home buyers of under-construction properties. Surely, sales under this category will witness an improved traction. Importantly, Government’s present move will go a long way in accomplishing the stated ambition and objective of providing ‘Housing For All by 2022’ by the Government. The definition of affordable housing has been now enlarged with increase in carpet area stipulations to 60 sq mts in metros and 90 sq mts in non-metros, alongside the GST rate on affordable housing projects has also been slashed to 1% with no ITC. This would mean higher benefits for affordable housing buyers. Consequently, mid- income housing will further look up in the coming days. With elimination of input tax credit, the construction cost for developers will go up to the similar extent in the short term .But, the long term benefits will be more. Over all, a welcome move by the Government to gear up the supply and sales momentum in housing, at the same time bringing further benefits to the homebuyers as promised during the interim budget-2019 presentation”.

Corporate Comm India(CCI Newswire)

Recent Posts

Know About Prateek Group’s Upcoming Premium Residences in Siddharth Vihar, Ghaziabad

Ghaziabad, December 21, 2024: As Delhi-NCR's luxury housing segment grows, the region sees the presence…

22 hours ago

Finding Balance in Design: The Prana Homes Launches Mindful Living Collections

New Delhi, December 21, 2024: Redefining the art of holistic living, The Prana Homes by Pooja…

22 hours ago

Real Estate 2025: Key Platforms Revolutionising the Real Estate Landscape in India

New Delhi, December 20, 2024: The Indian real estate market is undergoing a remarkable transformation,…

2 days ago

Film Producer Madhu Mantena’s Company Acquires Multiple Apartments Totalling Rs. 25.75 Crore in Mumbai: Square Yards

New Delhi, December 20, 2024: Madhu Mantena, the acclaimed film producer behind hits like Ghajini…

2 days ago

Dextrus Announces their 4th Premium Workspace at Mint, Sahar Plaza, Andheri East

Mumbai, December 19, 2024: Dextrus, a leading premium managed workspace provider, is excited to announce their…

3 days ago

Innov8 launches its largest flex space centers in Mumbai in 2 lac sq ft

New Delhi, December 19, 2024: Innov8, India's leading startup, continues its rapid expansion with the…

3 days ago