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What is the GST impact on real estate?

 

GST is expected to be a sentiment booster for the industry and will seek to revive buyer and investor interest by bringing more transparency in taxation. As the perception of the sector is said to have improved, the prices are likely to drop around one to three per cent if it all they do, according to a report by Edelweiss Securities.

 

The taxation earlier was too complicated for buyers. For instance, buyers were earlier liable to pay taxes depending on the construction status of the property and the state where it is located. Buyers also had to pay VAT, service tax, stamp duty and registration charges on purchase of an under-construction property. However, if the purchase was for a completed property, the tax applicable were stamp duty and registration charge. Furthermore, since VAT, stamp duty and registration charges were state levies, each state specified its own figures. Service tax was a central levy and was charged on construction. So the calculation of taxes was very tedious in the earlier regime. GST charges all under-construction properties at 12 per cent of the property value. This excludes stamp duty and registration charges. No indirect tax is applicable on sale of ready-to-move-in properties hence the tax will not apply to those. The biggest takeaway is that GST is a simple tax that applies to the overall purchase price.

 

A developer could take input credits on sale of under construction property against the taxes that are paid by the buyer. Earlier, VAT and service tax used to account for nearly nine per cent of the ticket price of the property. Since that will be lower than the GST applied to the sector, the builder will have to pass on the benefit of the price reduction to the buyer. The price reduction is on account of the input tax credits that the builder enjoys.

 

Benefit to Developers
If you are a developer, you were earlier charged for Central Excise Duty, VAT and entry taxes collected by the state on construction material costs. Further, you had to pay a 15% tax on services like labout, architect fees, approval charges, legal charges etc. Your tax burden was transferred to the buyer eventually. However, under the new regime, the changes in construction costs are not grave. Furthermore, reduced cost of logistics will result in reducing expenses as well. The input tax credits will also help you increase profit margins and it will be a simpler tax to work with.


Source: - The Indian Express
Date:- July 5, 2017

 

Grandmark Exotica-3

Overview


Why Grandmark ?


Grandmark believes in building relationships based on customer satisfaction and trust. Our customers are dealt with utmost care and transparency in all the transactions. Once you invest in Grand mark projects the rest is assured by us. With us customers can enjoy hassle free delivery of their dream home


Mission & Value


  • To provide premium housing to our clients at par with International standards - at affordable prices
  • To set standards from an environmental standpoint to build buildings that have a minimal environmental footprint. We endeavour to employ the newest technologies to reverse the process of unstable climate
  • To deliver value for money & excellent return on investments
  • To take customer relationship & customer satisfaction to new levels

Floor Plan

 

   

Specification

 

Structure:

RCC frame structure with in-filled brick work

Flooring:

Designer range vitri-fied tiles inside the flat and corridors /common areas are finished with Kota /Marble / Tile design.

Doors:

Main door and all other internal doors are flush doors, finished with enamelpaints, main door frame is of Salwood

Windows:

UPVC windows with reflective glass

Electrical:

Concealed electrical network with reputed quality copper wires with premium Branded switches and sockets

Toilets:

Premium quality ceramic ware along with C.P. fittings. , Walls are finished with ceramic tiles up to 7'0" height. Water supply is through concealed pipe network. Provision of geezer point

Kitchen:

Cooking platform is of granite or green marble wall above the platform is finished With ceramic tiles up to 2' 0" height

Wall Finishes:

All internal Walls inside the flats are finished with putty with two coats of primer

Distemper:

All external walls are finished with mix of textured paints and water proof paints

Amenities

 

  • Automatic Lift
  • Full Power Backup
  • 24*7 Security
  • Society Room
  • 24*7 Water Supply
  • Fireproof Wire
  • Modular Electrical Switches
  • UPVC Windows
  • Garden & Jogging track
  • Interco Connectivity of each flat
  • Antiskid tiles in toilet
  • Common area granite

Location Map

 

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