LC Mittal, Director, Motia Group
In last few years, affordable housing is playing a major role in booming up the sector and Government is helping in the best way they can. Reducing GST on affordable housing from 5% to 1% is a big decision post the union budget. Also, decreasing GST on under construction property from 12% to 5% will also attract the buyers to come forward and buy the property. End users will get direct benefit on cost and this will definitely boost the residential real estate market.
Ashok Gupta, CMD, Ajnara India Ltd.
The decision by GST council today, is a big step for home buyers and it will help them to buy property at more affordable rates now. Decreasing GST to 1% on houses with carpet area under 60 sq. mt. in metro cities and 90 sq. mt. in non metro cities is a major decision for mid and lower segment home buyers. This announcement will attract more and more buyers to buy their dream home.
Kushagr Ansal, Director, Ansal Housing & President, CREDAI Haryana
Real estate market of Tier II cities are banking a lot on affordable housing. From central to state government everyone is launching different schemes to cater mid and lower segment of the society. Announcement of reducing GST from 5% to 1% on houses below the carpet area of 90 sq. mt. in non metro cities is a wise decision. It is a welcome move by the GST council and realty sector of tier II cities will definitely get upward push from this.
Vikas Bhasin, CMD, Saya Group
It is much-needed respite by the GST Council for the buyers. Many home buyers were waiting for the time when they can save some money on their home and this is the perfect time for that. Given the fact that real estate prices have already bottomed out, the decrease in GST on under construction and affordable housing will make these buyers come out and take a final decision on buying a home.
Nipun Gaba, CEO, Fairwealth Group
The announcement by GST council on reducing GST rates is great move for affordable segment buyers. Reducing GST to 1% on non metro cities like Bhiwadi will help developers to sell houses at more affordable rates now. Also, buyers were focusing more on ready to move in properties, but now GST on under construction properties is also reduced to 5% from 12% and it will attract buyers to buy under construction properties too. Undoubtedly if is a win-win move for both buyers and developers.
Rajesh Goyal, CMD, RG Group and Vice President, CREDAI NCR
The announcement of reducing GST on affordable housing by GST council is a great move and it will give boost to affordable housing segment. However, it may increase the cost also as the benefit on input tax credit will not be provided. The government the working hard for realty sector and we appreciate their move.
Harvinder Singh Sikka, MD, Sikka Group
A trend was witnessed in recent past that under construction projects were going through a slow phase of sale. With the latest decision the boost to sales is provided by the authorities and soon we will see the real estate market move towards an era when the projects will be sold within a few days of their announcement. Of course, this will depend on the credibility of the developer and the location of the project.
Dhiraj Bora, GM, Corporate Communication
Last four years have seen many steps being taken by the government to help real estate sector. The biggest of them being the RERA and after that the reduction in GST is going to be the game changer. Having said that there is still scope for some more amendments if we want to see an India that has houses for all. We hope that in near future government will take steps to provide industry status to the sector so that the developers can fulfil the housing dreams of billions of people effectively.
Corporate Comm India(CCI Newswire)