What about the GST effect? I am looking for a 2 BHK home therefore, I want to know that what will be the booking amount

Q: Booking amount for the 2 BHK Flat at Wakad

Yogesh Morye,

2nd August 2017

Buying property in Pride Purple Park Ivory, Wakad, Pune

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flats for sale in wakad

gst impact on real estate

gst impact on under construction properties

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pride purple group

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Replies (4)

Hi folks,
Pride Purple by Pride Purple Group, Wakad, Pune is offering 2 and 3 BHK residential flats. Sizes are available from 1070 - 1205 sq.ft (Built-up area) and 1465 - 1615 sq.ft in 3 bhk. Its current asking rate is Rs.6400 per sq-ft. This project is approved by PCMC and almost all the leading banks and financial institutions are offering loan for this project. As far as project location is concerned, it will be August 2018. And its booking amount will be 10% of the agreement value.

Sneha Ambedkar, Pune

4th August 2017

Comment

Apart from that, the construction of a complex building, civil structure, or a part thereof, intended for sale to a buyer, wholly or partly, is subject to 12% tax with full input tax credit (ITC), subject to no refund in case of overflow of ITC. In other words, residential construction services, will invite GST at the rate of 12%, which will apply to developers selling residential units before completion of construction to the home buyers.

Apurva Nagpal, Pune

4th August 2017

Comment

Hi Yogesh,
With the implementation of RERA and GST, the residential real estate industry is witnessing significant changes on the ground. The Act strictly prohibits builders from advertising their under-construction projects while allowing the freedom to attract buyers for projects that have Occupation Certificates (OC ready). With the new rules, buyers are naturally showing increasing interest in such properties, which are essentially ready to move in.

Vatsa Suman, Pune

4th August 2017

Comment

You are right sir. The GST, which will guide in a uniform indirect tax regime in the country, will make commodities slightly cheaper. Today, you have tax on tax, you have huge effect. When all of that is removed, goods will become slightly cheaper.

Brinda.S, Delhi

4th August 2017

sir please share your contact number i will give you the info

Tejaswini, Apartment Resident

3rd August 2017

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