October 09, 2017
Are you well-versed with the new reformatory policies that have come into force? If not, here is a checklist that could help you seal the deal
Kirti and Ayush Rathod booked a 2-BHK flat in 2009 in a plush locale. However, their possession was deferred thrice. As a result, they not only had to pay the EMI (read: since they had taken a loan), but also bear the brunt of delayed possession by paying the rent. This is not a case study in isolation. Such cases have been aplenty in the past.
However, the situation is a tad bit different now. Revolutionary policy reforms like Real Estate (Regulation & Development) Act (RERA) and GST are now acting as a shield for the home-buyers against erring developers. Nevertheless, experts feel that home-buyers must know how to avail their rights.
GST BOOS FORT HOME-BUYERS
- A complex tax structure will be replaced by a unified 18 per cent slab
- There are no other taxes like VAT or service tax
- As developers will get input credit, it must be passed on to the buyers
- GST in all probability should not have an impact on the stamp duty charges
- While construction materials are placed in 28 per cent slab, residential projects under Pradhan Mantri Awos Yojna IPMAY) have been exempted from this slab
- GST rate on under-construction properties is fixed at 12 per cent
- Completed and ready-to-move-in properties a e of the GST purview
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