Luxury Apartments for Sale in GST Chennai

Indian 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.

Under 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.

The Brihanmumbai Municipal Corporation (BMC) has finalised a Rs 558-crore deal to treat solid waste at the Mulund dumping ground through biomining and free up 60-acre space in the city. This space will be used for public amenities. It is a five-year deal during which 7,000 million-tonne dump at the site will be segregated and treated.

Are you a homebuyer planning to invest in property? If that is the case, April 18 is your day. This year, Akshaya Tritiya is falling on that date. The occasion is considered to be auspicious for making new investments. This day is also ideal to perform the Griha Pravesh ceremony.

Because of a slowdown in sales, the rising cost of construction and labour, the developers have been hit hard. The burden of the borrowings taken at high interest rates have further eaten into their profitability or have been passed on to the homebuyers. As the Union Budget will be presented on February 1, the real estate stakeholders are now putting forth their wishlist, hoping for some concessions and an industry status.