GST Council Approves Rate Cut for Under Construction Properties

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Media publications have quoted Mr. Tanuj Shori for his take on the recent GST rate cuts.

“The GST rates for under construction flats were lopsided, heavily tilting the buyers’ preference towards completed projects. I am happy that the government has addressed it. Reducing the GST rate for under construction apartments to 5 percent would go a long way in providing level playing field to residential projects that are under construction and reducing the prices for the buyers. The reduction in GST rates for affordable houses to 1 percent would also help the government realize its ‘Housing For All’ move by 2022 and provide vivacity to the residential real estate market”, said Tanuj Shori, Founder and CEO, Square Yards.

As appeared in Mumbai Mirror

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Resident Editor