Real estate sector has been one of the driving forces for escalating growth of Indian economy. The sphere has not only been beneficial for the builders for accruing profits, but also had been providing employment opportunity as well as shelter to large number of people. Previously, land was purchased by the buyers for an investment purpose, but now that option would be subsided, once the sector is brought within the ambit of GST under indirect tax regime from April 1 2018. The land would no more be considered as service rather the buyer may have to buy and leverage it for residential construction.
Apart from these, transparency in property transactions will increase encouraging organized and genuine players to step in. The GST implementation will have neutral impact on this sector as this pertains to housing within the reach of common man. The GST on under construction projects is expected to be 12% which excludes completed and ready for occupancy apartments. This step would also boost foreign investment and void the land market. So, this could be positive step by the government and will evade out the loopholes in real estate industry for a lucrative future.
The buyers, who want to keep abreast of current trend in real estate sector and buy a best home in Hyderabad for a happy living can log onto the website, www.propertyadviser.in.
By: Pavan N