[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Real estate can be considered as a barometer of the ‘real’ health of an economy. The growth
in real estate not only creates direct and indirect employment but also aids growth in various
ancillary industries. As per IBEF, the sector’s contribution is expected to reach 13 percent of
the Indian GDP by 2025.
The coronavirus outbreak has brought in new challenges for the sector, which was already
suffering from liquidity issues, delay in construction and possession and a growing inventory.
The pandemic has thrown new strategic dimensions. Work from home has become a reality
in a span of few months, leading to an impact on the demand for commercial property,
preference to own over lease, enhanced digitisation, impact on ‘walk to office’ vis-à-vis
peripheral affordable location, etc.
The stamp duty cut in Maharashtra coupled with the historic lower level of interest on home
loans has helped arrest the fall in demand and sale/booking of flats in both primary and
The real estate industry has seen several amendments in the taxation framework since the
introduction of GST regime in July 2017. As of today, the sale of a ready property is outside
the purview of GST and an under-construction property is taxed at 1 percent (for affordable
housing) and 5 percent (other residential) without any input tax credit.
While the government has made efforts to support the real estate industry, there are certain
GST0related challenges, if addressed in time, will help the industry to sustain its growth
Read more at: https://www.moneycontrol.com/news/business/real-estate/gst-reforms-a-must-to-help-real-estate-sector-sustain-growth-momentum-6242061.html
Have a nice day