Budget 2019 Curtailed the GST Rate on Affordable & Under Construction Homes
Needless to say, real estate has had been the prime choice for many because still it is considered as the lucrative way of using capital, where the optimistic decision taken in the GST council meeting is not less than anything that is worth its weight in gold.
The Goods and Services Tax (GST) council has curtailed the tax rates for under construction flats to five per cent and whereas, for the affordable homes to one per cent and this is going to be valid from April 1 as the centre and state will work more on it.
Old Rates to Current GST Rates
- Under construction- 12 to 5 per cent
- Affordable- 8 to 1 per cent
So this obviously will give a boost to housing and for those who have been thinking investment in real estate is a far dream can actually purchase their home to improve their capital growth and with this, it will even spur the real estate market, so all in all, it will profit both the sides.
If you have been planning for investment, but due to any reason it stopped, then the time has arrived when you can actually get high benefits from the curtailed GST rate and buy a better home for your family and give them a complete home space to ameliorate the lifestyle and most importantly, live in an address that accentuates your standard beautifully.
Now home buyers just have to pay the stamp duty for registration and this will benefit buyers who are currently on construction linked payment scheme, but those who have made 95 per cent of down payment will not avail this new captivating GST rates.
Furthermore, on March 10, the GST Council will decide whether the commercial space in residential projects will get the tax benefit or not.
All in all, budget 2019 curtailed the GST rate on Affordable & Under construction homes is the best decision that has been taken in order to remove the blockage and make the freeway for investors and novice home buyers to come and buy their dream properties without paying high taxes because this was the real trouble.
So kudos to the council for taking such a profitable step in order to let the customers buy the new property on the prices that are completely valuable.
Interestingly, at present, there are many under construction and affordable projects available in the market and maximum of them are highly crafted and well planned to set a new spark in the market and provide a complete home that gives happy lifestyle, full security, high updated modern amenities and more features to change the overall lifestyle.
With this, it is important to mention that home investment is a decision of brain so it is better to examine the builder, location and the project to actually get an ideal home and if you ignore it for any reason, then investment can turn into a fiasco.
So think of a better home get the full benefit out the new GST rates that don’t burn a hole in your pocket.
If you have any investment plan, then here are some top notch projects crammed with ultra modern features: