CREDAI hails cut in GST for residential properties

Tirupati: Confederation of Real Estate Developers’ Associations of India (CRDAI), Tirupati Chapter hailed the GST Council decision to slash the tax rate for under construction residential properties with effect from April 1 this year. 

Chapter President V Srinivasuu speaking to media here on Thursday said the slashing of GST rate from 12 per cent to 5 per cent for the residential properties under construction and for the residences under construction under affordable housing from 8 to 1 per cent will sure to boost up the stagnant real estate sector. 

Particularly, the reduction of GST for the houses under affordable housing scheme coupled with easy bank loans available with a subsidy of Rs 2.67 lakh for the beneficiary is a boon to the middle class as it will bring more premium houses affordable to them.