realestate2022

How GST cut on under-construction houses will help home buyers The GST Council's decision will only benefit buyers who are on construction-linked payment schemes. The committees will also look at issues such as transfer of development rights, joint development agreements, lease premium The Modi government on Sunday announced a cut in the goods and services tax charged on sales of residential properties under construction as it looks to stimulate the economy by driving up consumption. The Goods and Services Tax Council, comprising central and state finance ministers, announced that the new rate will be 5%, down from 12 percent, on all new housing projects except those that are classified as af fordable housing. The council also decided to slash the tax rate on affordable housing projects to 1 percent from 8 percent.However, builders will not be able to claim input tax credit (ITC) under the new GST rates. The new rates will be applicable from April 1. The Council also made chan...

Sample Flats: Do You Get What You See?  Always ask for the documents with actual dimensions of the apartment and do not hesitate in measuring them in the sample flat. (Dreamstime) Well-designed, captivating and welcoming, sample flats are what an ideal home would look like. But, wait. These flats are not what you will actually get. When on a site visit to an under-construction project, you are persuaded by the developer as well as the broker to visit the sample flat to take in the look and feel of what you will be delivered. These flats are designed with utmost care and the best-in-class products to entice the potential homebuyers and make them think that it is exactly how their dream home would be like. While the whole setup looks perfect, remember, what you will get is nothing close to the sample flat. These flats are designed so that the homebuyer is all set to buy the property the very moment and developers spend a heavy sum to make them look top notch. It is suggested that you...