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Reduction of GST on Housing


According to the latest GST council meeting recently, GST rates of all the under-construction houses or apartments are reduced to 5% (from the present 12%) and 1% on affordable housing (presently 8%) which has redefined the scope of affordable housing. In a metropolitan city, a residential space of 60 sq metres and costing around 45 lakhs falls under the category of affordable house. The reduction of GST has made a great impact on both buyers and builders. Also, this act will boost the real estate market. The net discount on affordable houses is coming to be around 6 lakhs which is a big relief advantage for home buyers.

new residential project in Greater Noida, 2 bhk homes in Greater Noida, 3 bhk homes in Greater Noida

his act will increase the demand for the real estate market and the price range are reduced for under construction and completed projects. After this scheme, a home buyer will eventually get an additional discount of 14 percent. The beneficiaries under the Pradhan Mantri Awas Yojana scheme would be eligible for a subsidy of up to Rs 2.67 lakhs on their home loan. This scheme would benefit EWS / LIG households earning up to Rs 6 lakh per annum who are first time home buyers. Utilise this amazing opportunity and book your new dream home in SKA Metroville which is the best residential affordable project in Greater Noida. The calculations are simplified in the table given below.

   
Price (Before) Price (Now) PMAY* Net Payable Total Saving
Cost 30,00,000 30,00,000
GST 2,40,000 30,000 2,67,000
Total 32,40,000 30,30,000 2,67,000 27,63,000 14.72%
   

Notes:

*Considering customer falls under PMAY scheme conditions

*Carpet area of the house to be as per PMAY

 

SKA Metroville is the new residential project in Greater Noida which is offering 2 and 3 bhk modern homes at a very good price. The project is loaded with all the lavish facilities and amenities like club house, swimming pool, basketball court, amphitheatre, relaxing areas, kids play area and much more. This group is offering remarkable 3 bhk homes in Greater Noida. The amazing location and connectivity make this project one of the best projects in the town.