#WeeklyRealtyNewsRoundup: Rajya Sabha Clears GST Bill, Prices Of Under-Construction Apartments To Go Up
Realty News Roundup is PropGuide's selection of top stories of the week from the real estate sector.
Touted as the biggest tax reform in Indian history since Independence, the Rajya Sabha approved the crucial 122nd Constitutional amendment to turn the Goods and Services Tax (GST) bill into law.After at least 15 states approve the bill and make it a law, the new rule would herald the introduction of a single goods and service tax regime for the entire country. With this, the prices of under-construction apartments may rise by up to 5-10 per cent. However, the prices of completed apartments will not be affected. So, if you have already bought a flat but the entire payment has not been made, you will be charged tax at the GST rate on the remaining amount to be paid, which is likely to be between 12 and 18 per cent.
In a massive relief for middle-class home buyers, the Noida administration approved an increase in circle rates but left flats out of its purview. It also decided to waive a 3 per cent charge levied on flat-owners under the 'security' head. From August 1, Noida saw circle rates in the residential category up by 14 per cent. However, there is no change in circle rates in the commercial and institutional categories or villages and rural areas.
The Maharashtra Housing and Area Development Authority has received over 1.35 lakh applications for its 972 houses being sold through the lottery system. The houses that are being offered are in the price range of Rs 8 to 84 lakh in Mumbai's suburban locations, including Borivali, Dahisar, Goregaon, Malad, Mankhurd, Chembur, Kurla and Powai. These residential units are spread over 180 sq ft to 800 sq ft.
South Mumbai's historical building Laxmi Nivas, which had served as a secret hideout for freedom fighters in the 1940s, has been put up on sale. Located on tony Nepean Sea Road, the sea-view bungalow is spread over nearly half an acre of land parcel diagonally opposite the Russian consulate. The land parcel has a development potential of around 45,000 sq ft of built-up area.