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GST: Understanding Impact And Product Solutions ForWhether one is a developer, buyer, investor, financier or an intermediary, there will be a significant impact of GST on real estate stakeholders in several ways.
Real Estate Still Recovering From Side-Effects Of DeIndian real estate is slowly moving out of a slump after note ban when the developers got cash-strapped and homebuyers exited the market due to lack of liquidity. The RERA implementation cheered investors for a while but the introduction of GST halted the projected growth. Now with major policy changes, the market is expected to be back on track soon.
Govt Approves 51 L Homes Under PMAY-U; MIG Homes AreThe government has approved another set of 3.18 lakh homes under the Pradhan Mantri Awas Yojana Urban (PMAY-U). The new addition takes the total number of homes under PMAY-U to 51 lakh. Of the 3.18 lakh homes, 2.48 lakh have been approved in Maharashtra, 31,304 in Rajasthan, 23,564 in Tamil Nadu, 13,889 in Chhattisgarh, 1,580 in Puducherry and 203 in Daman and Diu.
India's Solar Capacity Rises By 72% In FY'18, Says RAccording to a report, the utility solar capacity of India in FY 2017-18 has increased by 72 per cent over last year. India has achieved 9.1 gw of utility solar installations compared to 5.5 gw in 2016-17. Karnataka is the leading state which has the highest capacity of 4.1 gw amounting to 46 per cent of the total capacity installed.
Changes In Maintenance Charges Levied Under GSTUnder the GST regime, buyers of under-construction properties have to pay an effective rate of 12%, which in effect would be lower than the taxes buyers earlier paid. While buyers could rejoice this positive change, homeowners in apartment societies and Resident Welfare Associations have been burdened with increased maintenance charges under the GST. The rate for maintenance charges has been increased to 18 per cent from 15.55 per cent. This is applicable only for maintenance charges exceeding Rs 7,500 per month for an owner or an annual balance of Rs 20 lakh for the society.