Basis a report, after the depletion of the GST rates, the demand for newly launched units has improved to a great extent. Though the preferred choice for home buyers are ready-to-move-in properties, but with the implementation of the new real estate law RERA (Real Estate Regulatory Authority), the buyers faith have seen a decent revival in new launch properties as well.
The GST rates on affordable houses have been reduced from 8 per cent to 1 per cent doing away with the ITC (Input Tax Credit) benefit which is also bringing in reforms helping in the formalisation of the economy. It has also been found that properties priced within Rs 80 lakh are the preferred choice of the 70 per cent respondents. To take the real estate thrust in 2018, the enforcement of RERA has been more influential than the attractive prices and has been much beneficial to the real estate developers.
Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder & Chairman – Signature Global India pvt ltd says, “The real estate sector have undergone a tremendously positive change with the various amendments and policies by the government especially with the implementation of RERA and the reduction of the GST rates. With government’s immense assistance for the real estate sector especially affordable housing, the faith of the homebuyers have been restored in the sector thereby boosting the sale of the newly launched units.”