Planning to buy 3 BHK flats in Airoli – Here are a few facts that you need to understand about GST

Planning to buy 3 BHK flats in Airoli – Here are a few facts that you need to understand about GST Mumbai and real estate have a connection that goes back to many years in past. This city has been the economical capital of India and has been providing jobs to millions on a yearly basis. With time, corporate entities increased in Mumbai and so did the number of individuals looking for luxury apartments. This led to emergence of world class residential property in Airoli, Andheri and BKC where home dwellers prefer living due to better infrastructure.

Today, it is easy to buy 3 BHK flats in Airoli but one must know about certain rules and regulations and GST is something that everyone must be aware of.

Here are a few facts about GST that will help to make your apartment search and purchase a better experience – GST rates and abatement of land – The most important clause that you should remember is that GST rates is 12% and land abatement rates is 50% out of which 25% is the rate of lands and remaining 25% is the rate of goods. In this situation, the average cost calculated comes out to be 14% that is higher than what was paid in the past. Now, if you are going to purchase a residential property in Airoli, you should expect paying higher amount than the previous rates.

Impact of GST on Under-construction property – If a property is still under construction, one has to pay both VAT (varying from state to state) and service tax 4.5%. Stamp duty is not included in the GST because of which when three are combined it makes the property costly.

Impact of GST on affordable housing – In “housing for all” plan under the GST doesn’t have any taxes. GST does not affect affordable housing section. This means that one can expect that the rate of property will remain the same upto large extent and one can save a lot of money in the future.

Click here to find the best 3 BHK flats in Airoli Impact of GST on ready to move property – Apart from affordable housing the ready to move properties are also relieved from GST. The properties that have an occupancy certificate as compared to under construction GST rates of 12%.

Evading GST is a crime and a lot of fraud real estate agents do malpractices to lure customers promising them cheaper rates. A reliable real estate company like Sunteck India will help you out with all the legal norms and the best rates. For more details, contact their team of experts.