Goods and Services Tax (GST) is an indirect tax used in India.The GST Council reconciles or procures any law or regulation on GST.Recently the GST Council reduced the GST rate on residential under-construction property from 12% to 5%. While on affordable housing it was reduced from 8% to 1%.The GST Council's decision to trim down tax rates on residential properties will have a positive impact on this sector of the economy.
Rise in demand of properties
The positive outcome of GST trimming is mainly seen on the demand for properties by home buyers.Home buyers looking for lavish properties generally keep postponing their purchases when the prices are too high.And when the price comes down purchases are generally done. Most real estate developers sufferlower sales when the demand is low due to high price of properties. So, a drop in price revives the demand for properties. During this time real estate developers have bumper sales and buyers have the satisfaction of buying a property in their budget.
Savings for homebuyers
The slashing of GST rate translates into noteworthy savings for homebuyers. Home buying is a lifetime achievement for everyone. A huge amount of savings get drained in the process. But there is life even after buying a home. When investors get lavish homes at cheaper rates then they can definitely save the rest of the money for the future. So the recent move of slashing GST comes as a boon for saving.
Huge overseas investment
GST rate cut brings in huge overseas investments. Oversees companies or individuals can invest directly into the housing sector when the rates of lavish properties are low here. Foreign investments in Indian real estate fuelthe rapid growth of realty.
Incor Carmel Heights: A wonderful property
Incor Carmel Heights is a beautifully designed private property in Whitefield, Bangalore. This housing property by Incor Group, has houses of different formats in 2 and 3 BHK. The prices of the houses range from Rs81.65 lakhs to Rs98.31 lakhs. The property has an excellent social infrastructure. Developed over a large area, the apartments are roomy and offer the residents with all the modern day facilities and luxuries. The apartments provide private times to dwellers as they can have some quality time with their families. So, this townshipis one of the best options to live in Bangalore.