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What is the GST impact on real estate?

 

GST is expected to be a sentiment booster for the industry and will seek to revive buyer and investor interest by bringing more transparency in taxation. As the perception of the sector is said to have improved, the prices are likely to drop around one to three per cent if it all they do, according to a report by Edelweiss Securities.

 

The taxation earlier was too complicated for buyers. For instance, buyers were earlier liable to pay taxes depending on the construction status of the property and the state where it is located. Buyers also had to pay VAT, service tax, stamp duty and registration charges on purchase of an under-construction property. However, if the purchase was for a completed property, the tax applicable were stamp duty and registration charge. Furthermore, since VAT, stamp duty and registration charges were state levies, each state specified its own figures. Service tax was a central levy and was charged on construction. So the calculation of taxes was very tedious in the earlier regime. GST charges all under-construction properties at 12 per cent of the property value. This excludes stamp duty and registration charges. No indirect tax is applicable on sale of ready-to-move-in properties hence the tax will not apply to those. The biggest takeaway is that GST is a simple tax that applies to the overall purchase price.

 

A developer could take input credits on sale of under construction property against the taxes that are paid by the buyer. Earlier, VAT and service tax used to account for nearly nine per cent of the ticket price of the property. Since that will be lower than the GST applied to the sector, the builder will have to pass on the benefit of the price reduction to the buyer. The price reduction is on account of the input tax credits that the builder enjoys.

 

Benefit to Developers
If you are a developer, you were earlier charged for Central Excise Duty, VAT and entry taxes collected by the state on construction material costs. Further, you had to pay a 15% tax on services like labout, architect fees, approval charges, legal charges etc. Your tax burden was transferred to the buyer eventually. However, under the new regime, the changes in construction costs are not grave. Furthermore, reduced cost of logistics will result in reducing expenses as well. The input tax credits will also help you increase profit margins and it will be a simpler tax to work with.


Source: - The Indian Express
Date:- July 5, 2017

 

Prestige Residency

Overview


Prestige Residency is a project that will end your hunt for your dream house. It not only aspires to fill the space of the new age, modern experience but also offers superb benefits and luxury in Bhubaneswar - one of the fastest emerging cities. Our vision is to create an aesthetic residential enclave that delights residents with its cosmopolitan, free - spirited atmosphere and unique, invigorating lifestyle. Quality of life within this prestigious gated community is characterised by outstanding levels of comfort, convenience and security. Prestige Residency is the best of living in terms of life style and convenience with all the goods and services that you may need on a day to day basis. We welcome you to own your dream land and pave the way for prosperity in your lives.

Floor Plan


Block A - 3 BHK
 
  Super Built-up Area (in sqft)
Flat No 1st Floor 2nd Floor 3rd Floor
101 301 1781 175 1738
102 - 302 1734 170 1658
103 - 303 1722 173 1679
Block B & I - 2 & 3 BHK
 
  Super Built-up Area (in sqft)
Flat No 1st Floor 2nd Floor 3rd Floor
101 301 1622 1622 1605
102 - 302 1622 1625 1605
103 - 303 1594 1589 1576
104 - 304 1281(2bhk) 1270(2bhk) 1260(2bhk)
105 - 305 1594 1591 1578
Block C & F - 2 BHK
 
  Super Built-up Area (in sqft)
Flat No 1st Floor 2nd Floor 3rd Floor
101 301 1330 1330 1335
102 - 302 1330 1330 1335
103 - 303 1330 1330 1335
104 - 304 1330 1330 1335
Block D - 3 BHK
 
  Super Built-up Area (in sqft)
Flat No 1st Floor 2nd Floor 3rd Floor
101 301 1658 1670 1662
102 - 302 1650 1650 1605
103 - 303 1630 1646 1646
104 - 304 1665 1677 1662
Block E - 3 BHK
 
  Super Built-up Area (in sqft)
Flat No 1st Floor 2nd Floor 3rd Floor
101 301 1631 1631 1625
102 - 302 1658 1658 1600
103 - 303 1621 1640 1640
104 - 304 1637 1637 1621
Block G - 2 BHK
 
  Super Built-up Area (in sqft)
Flat No 1st Floor 2nd Floor 3rd Floor
101 301 1340 1334 1320
102 - 302 1350 1385 1370
103 - 303 1308 1308 1344
104 - 304 1325 1340 1332
Block H - 2 BHK
 
  Super Built-up Area (in sqft)
Flat No 1st Floor 2nd Floor 3rd Floor
101 301 1316 1316 1255
102 - 302 1335 1356 1312
103 - 303 1348 1348 1332
104 - 304 1358 1393 1348
   

Specification


Structure:

Earthquake resistant RCC framed structure With infill brick wall

Flooring:

Rooms - Vetrified Tiles
Kitchen - Vetrified Tiles
Toilets - Anti Skid Ceramic tiles
Common Area - Vetrified Tiles

Doors and Windows

Main Door - Flush doors with designer veneers
Inner Doors - Flush doors with designer veneers
Door Frames - Sal wood
Windows - Anodized Aluminum with glass & protective MS grills
Toilet - Water proof fiber doors

Electrical

Modular electrical Switches
TV points in Bedrooms and living room.
Telephone points in bedrooms and living room
Provision for AC in all rooms
Provision for inverter

Toilets

CP fittings of Jaguar/ Marc or equivalent
Designer tiles on walls upto ceiling height
Provision for exhaust Fan
Provision for Geyser

Kitchen

Designed to suit Modular kitchen
Cooking platform with granite top
Stainless steel sink
Designer tiles upto 2.5 feet above the platform
Provision for Chimney and Exhaust fan

Wall Finishes

Internal - Putty with one coat of white primer
External - Weather resistant paint

 

 

Amenities

 

  • 24 hours Water supply through deep bore well
  • Adequate drainage system
  • Adequate open space
  • Landscaped green space with designer fountain
  • Children's Play area

Location Map


Application Form


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