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.
If you are looking to buy a property or have already invested in one, you will know that there are tax implications involved. Let's first examine the tax on property purchase and then elaborate on how one can save on it via tax exemptions and deductions.
The applicability of GST in the Indian taxation system was a move aimed towards 'one nation, one tax'. Post land abetment, the applicable GST for under-construction properties was 12% while ready-to-move-in flats were kept out of the GST ambit. Even for under-construction properties, there was a ruling of Input Tax Credit (ITC) pass-over to the buyer to ensure that it becomes a tax neutral proposition.
2018 was a veritable roller-coaster ride for the Indian real estate. Despite signs of recovery across segments, the liquidity crunch – further exacerbated by the NBFC crisis – put all industry stakeholders on tenterhooks. Consolidation via mergers and acquisitions was rife in all sectors, completely redefining the concept of ‘financial health’ among players and drawing clear lines on who will survive the heat. This process will continue throughout 2019, as well.
Co-working and car-pooling have become viable options for the millennial workforce, and an exciting new trend - co-living - is also beginning to make its mark with the burgeoning student and working populations across Indian cities.
So far, there have been no answers – only more questions. Mumbai's Dharavi, one of the largest slums in Asia, has been an area of contention for almost two decades now. For all its revelations, the recent blockbuster film 'Kaala' only underscored what Mumbaikars, human rights activists, urban planners and real estate developers have known for decades - there is no simple formula for unravelling the complex Dharavi equation.
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