Tag Archives: Flats

Things you should know about GST in Real Estate

Posted on by
Reply
Centre's FY22 GST compensation amount should be higher than projected Rs 1.58 lakh crore: Opp-ruled states - The Economic Times

OVERVIEW OF GST: 

In 2000, the late Atal Bihari Vajpayee, the then prime minister of India, initiate a committee to draft new indirect tax law and i.e. GST which stands for Goods and Services Tax. It was launched to replace multiple indirect taxes in India. Such as excise duty, value-added tax (VAT), services tax, purchase tax, octroi, entry tax, luxury tax, and so on. Here, propertywala brings every fact and figure that you should know about GST in real estate.

DEFINITION:

The Goods and Service Tax Act was driven in Parliament on 29th March 2017 but it came into effect on 1st July 2017. It is the only tax that applies all over India and imposes on the supply of certain goods and services. However, GST does not replace customs duty, which is still required on imported goods and services. Different categories of products and services attract different tax rates under GST.

Now, we will go ahead with the GST regime which is given by our Honorable Prime Minister Shri Narendra Modi, In his words, the Goods and Services Tax (GST) is “a path-breaking legislation for New India”. Then, GST is not just a tax reform but a milestone in realizing Sardar Vallabhbhai Patel’s dream of building ‘Ek Bharat – Shrestha Bharat’.


GST APPLICABILITY IN REAL ESTATE:

APPLICABLE –
1. It is applicable to under-constructed flats only.
2. It is because the GST does not cover the real estate sector under its range. Therefore, the tax rate applicable on a property is charged under ‘work contracts.

 
NOT APPLICABLE –
1. GST does not apply to ready-to-move-in flats, plots, and lands.
2. Upon completion and receiving the occupancy certificate i.e.(OC), the property is categorized as ready to move in. That is why a developer cannot charge GST on selling ready-to-move-in homes.

GST RATE ON REAL ESTATE 2022:

Everyone has a dream of a house. Well! It is fine if you are planning to buy a property. Because buying the right property is one of the biggest achievements in life. So, home buyers in India have to pay GST on the purchase of under-construction properties such as flats, apartments, and bungalows. Before hurrying on to the process, the foremost thing you must ask yourself is, “what is the GST rate on real estate?”

PROPERTY  TYPEGST RATE FROM APRIL 2019
Affordable housing1% without ITC (Input Tax Credit)
Non-affordable housing5% without ITC
According to the table, if the property is affordable,  the GST rate from April  2019 is only 1% without ITC. Also, for non-affordable housing, the GST rate is 5% without ITC.

WHAT IS ITC?

Input Tax Credit refers to the tax already paid by a person on any purchase of goods and/or services that are used or may use for business. Therefore, it is available as a deduction from tax payable.

AFFORDABLE HOUSING AS PER GST:

According to government norms, housing units worth up to Rs 45 lakhs are referred to as affordable housing in metro cities in which carpet area measures up to 60 sq. meters. The Delhi-National Capital Region, Bengaluru, Chennai, Hyderabad, the Mumbai-Kolkata are categorized as metropolitan regions. A housing unit in non-metro cities barring to be an affordable house, if it costs up to Rs 45 lakhs and has a carpet area of up to 90 square meters as mentioned in the given table.

CITIESPRICECarpet AREA (SQ/M)
METROSup to  Rs. 45 lakhs60 sq./m
NON- METROSbelow Rs.4590 sq./m

SOME FACTS TO BE NOTED WHEN CONSIDERING GST IN REAL ESTATE:

  1. It does not subsume the stamp duty and registration charges, which you still have to pay.
  2. Seller increases the cost of ready-to-move-in properties to factor in the GST cost. So, overall the under-constructed properties are still cheaper than ready-to-move-in properties. 

That’s all you need to know about GST when it comes to real estate.

DDA Relaxes Norms for Installing Lifts

Posted on by
2

If you live on second or third floor in a DDA flat, then climbing those stairs is no more a back-breaking experience anymore. The DDA has eased the norms for installing lifts in its apartment blocks. The country’s biggest land development agency has been catering to Delhi’s housing needs for more than 40 years. Since, DDA structures have only 04 floors they do not have lifts.

Although flat-owners had so far been allowed to install lifts later on their buildings on their own, the procedure of getting permission was burdensome.  All the owners of an individual block, with eight to sixteen flats, have to agree to the proposal.

The new norm stipulates that lifts can be installed once most flat owners of the block agree. The consent of the ground floor owners is not required any longer. The cost of installing a lift is Rs 10-15 lakhs, which the flat owners would have to bear. The flat owners will have to apply for NOC to DDA for arrears. While applying for NOC, flat-owners will have to attain structural stability certificate from the registered architect.

Gujarat Buyers Linning up Eagerly to Take 5-6 BHK Flats.

Posted on by
Reply

AHMEDABAD: The great Gujarati joint family is urging topend realty. Amid buzz of stagnancy in city’s property market, super luxury apartments are selling like hot cakes. Realtors may struggle to sell 2 and 3 BHK homes, but buyers, mostly large joint families, are lining up to book 5 and 6BHK flats. In large flats of 5-6BHK flats, old people of the families feel more comfortable rather in bunglows. Take the case of ISCON group, which recently launched a residential scheme along SP Ring Road. While the entry-level three BHK flats generated least inquiries, all the top-end 5 BHK units were booked within days. “Those who could not get five BHK are going for 4 BHK units,” according to a survey. Looking at the response, Kotak now plans to convert 1 tower originally planned for entry-level flats into premium flats. Experts say the trend is inspiring as demand has been coming from local buyers besides NRIs and investors, who find Ahmedabad cheaper than other large Indian cities.

“Moreover these flats offer security along with luxury. Further, people who have stayed in 3-4 BHK and looking to upgrade are driving the demand for premium flats. So, no wonder 5-6 BHK apartments are being booked up like hot cakes,” says regional director (Gujarat) of real estate consultants. “A city based Businessman says that they sold off their bungalow and opted for a 5 bedroom flat because of security. He stays in that flat with his two sons. Ashish Shah of Shree Balaji Group got enormous response for the 5,100 sqft top-end flats as compared to other categories. Now, Shah plans to hold the remaining 6 BHK apartments till completion of project. “Demand for upmarket flats would remain high. Realtor Mukesh Goyal, who launched 4BHK scheme, for about INR 2 crore per unit at current market rates, in Prahaladnagar around a year ago has already sold 80 per cents flats.

 

Khinvasara Group Launches Cost Effective Residential Project in Walunj, Aurangabad

Posted on by
41

Khinvasara Group of Companies has recently emerged as one of the major players in development of the residential and commercial properties in Aurangabad (Maharastra). One of the companies of the group has played a major/ key role in the real estate in building modern cement spaces of Aurangabad since last 50 years.

Till now the company has constructed more than 3.5 L sq.ft of commercial and residential spaces. Land development is yet another of forte. And as on date the company developed in excess of 100 acre land within Aurangabad.

Some of the earlier projects by The Khinvasara Group are Ulkanagri, Khinvasara Park, Khinvasara Nagar, Vardhaman Residency etc. And now they are coming up with their new Residential project Khinvasara Estates near Walunj, Aurangabad (Waluj). It consist 100 flats and row houses in an area of 7 acres. The project will consist of 1/2 BHK Flats/Apartments costing 11 to 14 lacs and row houses (3 BHK) will cost Rs 20 to 30 lacs.

Gurgoan to be gifted with North India’s Tallest Residential Tower

Posted on by
Reply

A leading private equity fund, Ireo, which is dedicated to the Indian real estate sector with nearly $2 billion of funds, has annunciated the launch of the tallest residential towers in Gurgaon which would be called Victory Valley.

There will be adjacent mid rise options along with the three high-rise residential towers which would essentially be the tallest towers across the whole North India. This Victory Valley will come up with a wide range of choices for the consumers, varying from the 2 BR apartments to 5BR apartments in penthouse/ simplex/ duplex formats. It would have 51 stories.

There will be total 762 flats in the tower. The inaugural base price is Rs 5,500 per sq feet for the bookings of the flats. As per the company plans, the project is likely to complete within 3 years after the commencement of construction.

This project is located at Sector 67, Gurgaon and is spread in an area of 25 acres. Security, comfort and convenience will be the three major pillars of this tower.

New Residential Project in Noida – Jaypee Greens Kensington Boulevard

Posted on by
3

The builder Jaypee Group has announced the launch of its new residential apartments, Jaypee Greens Kensington Boulevard, in Sector 131, Noida. This will be a part of the Jaypee Greens Wish Town project and will features 1, 2, 3, and 4 bedroom flats ranging from 550 to 2700 sq feet. The tentative rate is Rs 3330/- per sq. feet.

For more information and booking visit http://kensingtonboulevard.propertywala.com/

Jaypee Greens Announces New Residential Project: Kasa Isles, Sector 129, Noida

Posted on by
Reply

Constuction major Jaypee Group has announced a new residential project in Sector 129, Noida called Kasa Isles. Jaypee Greens Kasa Isles will feature 1, 2, 3 and 4 bedroom flats/apartments ranging from 550 to 2700 sq. feet. The approximate cost will be Rs. 3390 per sq. feet.

For more details and booking visit http://kasaisles.propertywala.com.

Comeback Of Realty

Posted on by
1

Halifax's Version Of 'Repent Sinner' and 'Riot 2010'
March 26, 2010

Towards the end of 2009, remarkable appreciation in values has been observed by the residential markets across big cities of India. Report by Wakefield and Cushman informed that in the two key residential markets in India, Mumbai and NCR, this trend is most prominent. In these areas, as compared to the same period of last year, values in Oct-Dec 2009 were appreciated.

Since Mumbai and NCR are one of the high demanded markets, both from the investors and consumers, it witnessed a faster recovery than other cities. As a result of economic slowdown, these investors were backing out their requisites which had brought a kind of uncertainty in the job markets. But on the other hand, this slowdown brought affordable housing to the consumers which in turn led to sharp upward correction in the capital values and strong recovery in the economy.

Since in NCR, a large number of projects were sold out as soon as they were launched, it can be concluded that the demand for the housing which seems to be affordable, i.e., ranging from 20 to 40 lakhs was quite high. Recently, 500 flats offered by Supertech in Noida at a cost of 9.75 lakhs are sold out just after its launch. Due to the new trend, volume of transactions has been aggrandized.

However, this trend can continue only if the government takes back the extra burden of the 10.3 percent service tax which was announced in the budget 2010 on the sale of flats before there completion. This may make the projects under construction more attractive.

Jaypee Greens Announces Lake District in Sports City, Greater Noida

Posted on by
1

Jaypee Greens Sports City - Lake District, Greater Noida Jaypee Group (JPSK Sports Private limited) announces yet another new residential project “Lake District” under its new sports themed township Sports City along Yamuna Expressway in Greater Noida (Gautam Budh Nagar). The project is so names as it will feature an artificial lake in line with international standards. The project will offer luxury living at affordable rates. The lake district project will have 2BHK (2 bedroom), 3BHK (3 bedroom) with optional worker rooms (servant quarters), and 4BHK (4 bedroom) with worker rooms (servant quarters) residential apartments.

For further information such as floor plans, pricing, booking details, etc. please visit: http://jaypeelakedistrict.propertywala.com/

Jaypee Group to Announce Jaypee Greens Sports City in Greater Noida

Posted on by
7

Athens Olympic Sports Center
Photo by Ava Babili After the success of various projects like Jaypee Greens Kosmos, WishTown Klassic, Aman etc. in Noida and Greater Noida, Jaypee Group is ready to unveil their newest venture in premium real estate — Jaypee Greens Sports City, Greater Noida — according to reliable sources.

The project will be located in the heart of Greater Noida in close proximity to proposed Formula 1 racing track, Jaypee Integrated Sports Complex, Golf course, NRI City, Gautam Buddha University. The project will mainly consist of affordable 2 and 3 bedroom budget apartments and commercial properties.

Due to its prime location and features the new project will offer an excellent living environment and an ideal investment opportunity.

Formal announcement is awaited and further details and updates will be available on the website http://jaypeegreenssportscity.propertywala.com/ .

Nearby Landmarks

  • Transportation

    • Railway Station Dadri (<6km),
    • Airport (<31km),
    • 18 New Dehli Airport (<43km),
    • Private Delhi Airport Parking And Store (<45km),
    • Dankaur Bus Stand (<19km),
    • Bus Terminal (<22km),
    • Taxi Stand (<2km),
    • Auto Cum Taxi Stand (<5km)

  • Markets & Shopping Malls

    • Singapore City And Mall (<2km),
    • Harsha Mall (<2km),
    • Gamma Shopping Mall (<5km),
    • Ansal Plaza Shopping Complex (<3km),
    • Logerstromia Shopping Complex (<3km),
    • Community Shopping Center (<3km),
    • H Block Commercial Complex (<4km),
    • Zonal Shopping Center (<4km),
    • Greator Noida Shopping Plaza (<4km),
    • Bajrang Shopping Centre (<4km),
    • Kadamba Shopping Centre (<4km),
    • Bagon Villa Shopping Centre (<5km)

  • Banks & ATMs

    • Bank Of Maharashtra (<2km),
    • Icici (<3km),
    • Hdfc (<3km),
    • Citi Corporation Bank (<4km),
    • Bank Of Baroda (<4km),
    • Syndicate Bank (<5km),
    • Indian Bank (<5km),
    • Oriental Bank Of Commerce (<4km),
    • Icici (<5km),
    • Canara Bank (<5km),
    • State Bank Of India (<9km)

  • Restaurants & Clubs

    • Swagat Restaurant (<3km),
    • The Yellow Chilli (<5km),
    • Dawat (<5km),
    • Spice Of India (<5km),
    • Sharma Vaishno Dhaba (<6km),
    • Heritage Club (<1km),
    • Club Beta Ii (<3km),
    • Shiva Sports (<4km),
    • The Steller Gymkhana Club (<4km),
    • Club Ansals Golf Links (<4km),
    • Club Gamma I (<5km)

  • Movie Halls

    • Inox Air Products Ltd (<7km),
    • Durga Cinema Hall (<10km),
    • Mohan Palace Cinema (<11km)

  • Parks

    • City Park (<1km),
    • Water Park (<2km),
    • Accman Instittute Of Management (<5km)

  • Hospitals & Clinics

    • Dr Dhiraj Ahlawats Clinic (<2km),
    • Vlcc Slimming Beauty Fitness (<2km),
    • Virddhi Clinic And Medicose (<3km),
    • Final Diagnosis (<3km),
    • Dr Chauhan Poly Clinic (<3km),
    • Manav Sewa Clinic (<4km),
    • City Homeopathy (<4km),
    • Jyoti Hospital (<3km),
    • Nimt Hospital (<3km),
    • Kailash Hospital (<3km),
    • Sahdev Hospital (<4km),
    • Pryag Hospital (<5km),
    • Prayag Hospital & Reserch Centre Pvt Ltd (<5km)

  • Offices

    • Main Office (<3km),
    • Greater Noida Authority Office (<4km),
    • New Universal Office System (<5km),
    • Office Solution (<5km)

  • Schools & Colleges

    • Daffodil School (<1km),
    • Higher Secondary School (<2km),
    • Priyadarshani School (<2km),
    • Summer Villager School (<3km),
    • Nand Marg Nursery School (<3km),
    • St Joseph School (<3km),
    • Ryan International School (<3km),
    • Jp International School (<4km),
    • Dharam Public School (<4km),
    • Diamond Drill Senior Secondary Public School (<4km),
    • Iec College (<3km),
    • Global Institute Of Management And Technology (<4km),
    • Pccs College (<4km),
    • Bakson Homeopathic Medical College (<4km),
    • Priyadarshini Institute Of Management And Technology (<4km),
    • Hauard Institute Of Management And Technology (<4km),
    • Iec Institute Of Management And Technology (<4km),
    • Ramesh Institute Of Management And Technology (<4km),
    • Galgotias College Of Engineering And Technology (<5km),
    • Ishan Institute Of Management And Technology (<5km)

* All distances are approximate