By Mr. T Chitty Babu, Chairman and CEO, Akshaya Pvt Ltd
The wait is over for the real estate sector. The revision in GST rates is certainly going to bring a much needed relief for the developers and the home buyers. We welcome the government’s decision to revise the GST rates for affordable housing segment to 1%. The change if definition of affordable housing is certainly going to improve the buyer sentiments. Also, the much awaited change in GST rates of under-construction properties to 5% is a going to be a game-changing decision for the home buyers and will boost the housing sales in this segment and attract a slew of investments in the sector. Homebuyers will be able to save a lot on their home investments depending on the value of the homes due to the revision in GST. We can witness a tremendous turn around in the coming quarters as the home buyers who were holding off their purchase decisions, will now be able to take the advantage of both the recent repo rate cut and the revised GST structure and allow them to make their home buying decisions with much confidence. With RERA in place too, the real estate sector is heading towards an upswing in the near future.
Corporate Comm India(CCI Newswire)
