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RERA Impact – Markets bounce back in Mumbai, Thane and NAVI Mumbai

Call it the RERA impact or the Rebirth of the real estate sector in India both ways, both developers and home buyers will win.

Mumbai property market is seen bouncing back with a few top developers like Oberoi Realty, Runwal Group, Sheth Developers etc absorbing the additional GST charges which were levied to the home buyer.

Interestingly, the earlier the home buyer was paying 5% Stamp Duty, 4.5% Service Tax and 1% MVat, now he has to pay 12% in which the Input tax credit is expected by the developers to be passed on, which is unclear to most of the developers today.

In order to not spoil the pipe line sales and disrupt the markets further, a lot of developers have decided to pass on the total benefit of additional GST and charge consumers only 5.5% in the accounting as an ad on tax which they were paying prior to GST.

In one way, it's simplified but in another way it can be complex for the home buyer to understand the accounting, but with excellent teams of developers this challenge is abated.

We look forward to the festive season and a simple advise to home buyers, that prices are low and the cycle and sentiment is low so this is the time it's a Buyers market so go ahead and take the plunge, it can't get better than this.

In bullish markets the rates are higher in any case so think and make the decision quick.

About Sandeep Sadh

Mumbai Property Exchange is promoted by Mr.Sandeep Sadh who has been in the real estate business since the year 1993 and has an experience in transacting in Residential Lease & Sale, Commercial Lease & Sale. The experience of transacting and having a practical approach at work in each segments of real estate has given Mumbai Property Exchange an edge over its competition.

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One comment

  1. How top developer( list should be declared by government) and builders will pass Input tax credits to customer, what’s the procedure once flat cost with+GST+Revised stamp duty+registration+1%vat paid to developer &builder … Does this new scenario of GST affects to lower the basic cost of apartments

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