GST to help developers shift focus to affordable housing
Thursday, November 24, 2016 IST
The Goods and Services Tax (GST) is probably going to make real estate developers move focus to high volume, low to medium residency. Affordable housing costs could fall and those for the top notch fragment could rise, says a white paper titled Decoding GST and Real Estate Regulation by RICS, , a self-regulatory professional body for capabilities and gauges in land, property, development and related environment issues.
The Real Estate (Regulation and Development) Act (RERA), 2016, will guarantee that real estate projects get finished on time. Arrangements in the Act, for example, inconvenience of comparative corrective enthusiasm for designers and homebuyers will boost convenient conveyance of tasks, it says.
"GST will bring down land costs for the reasonable section of lodging while expanding costs for the exceptional fragment. An extensive part of the land advertise - very nearly 70% is skewed towards center to high wage section of lodging. We may see designers (particularly littler ones) move center to low wage lodging to pick up from GST," says Sachin Sandhir, worldwide overseeing chief – Emerging Business, RICS.
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