Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.
The slash in GST rates to 5% without ITC from the previous 12% with ITC for premium homes, and to 1% minus ITC for affordable homes from the earlier 8%, gives the beleaguered realty sector the much-needed breathing room and will certainly help it maintain some forward momentum in 2019. Another booster shot given by the government is changing the very definition of the budget-range of affordable housing.
The keenly-awaited meeting of the Goods and Services Tax (GST) Council, which was supposed to deliver a final decision on the differential tax rates on real estate yesterday, hopes to reach a consensus on the 24th. This is a critical matter and the outcome will have a notable impact on real estate market sentiment.
A new Government with a clear majority raised optimism in 2014. Nearly 5.45 lakh units launched in the year and nearly 3.43 lakh units sold - previous year saw launch of approx. 4.6 lakh units) and lower sales. Long-term benefits of recent reforms will accrue only with the continuity of their enforcement by this or the next Government.
GST rate cut or not, GST-exempt ready-to-move draws maximum sales. Of total unsold stock of 6.73 lakh units in the top 7 cities, only 13% are ready-to-move-in. Of 5.88 lakh unsold under-construction units, 20% to be completed in 2019 – addition of 1.16 lakh RTM units. Can a marginal tax saving on overpriced properties trigger sentiment revival in delay-tainted under construction segment?
The doomsayers are having a field day with predicting that Brexit will cause the UK real estate market to dry up and blow away. In India, we are quite used to gleeful prophecies of doom regarding real estate and take them with a healthy pinch of salt.
BBN Times connects decision makers to you. Experts in their fields, worth listening to, are the ones who write our articles. We believe these are the real commentators of the future. We quickly and accurately deliver serious information around the world. BBN Times provides its readers human expertise to find trusted answers by providing a platform and a voice to anyone willing to know more about the latest trends. Stay tuned, the revolution has begun.
Copyright © BBN TIMES. All rights reserved.