-For affordable houses in Metro up to 60 Sq. M., costing less than Rs 45 Lacs- GST Reduced to 1% (From the existing rate of 8%)
-For affordable houses in Non-metro up to 90 Sq. M., costing less than Rs 45 Lacs- GST Reduced to 1% (From the existing rate of 8%)
-For flats priced more than Rs 45 Lacs- GST Reduced To 5% (From the existing rate of 12%)
The new tax rates will come into effect from 1st April 2019.
We at Pramukh Group believes this move will ensure healthy competition between developers, as the number of homebuyers will increase exponentially. In the long run, the Real Estate industry in India will surely witness escalated business.
Director - Pramukh Group
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