RM | March 7, 2017 | Tuesday
New Delhi: Union Minister for urban development and housing Mr. Venkaiah Naidu said that we have written to the states for exempting affordable houses from stamp duties which is 4% to 8% of the transaction value.
The union minister did ensured that there was no tax escalation for the housing industry, especially for the affordable housing, following the implementation of GST (goods and services tax), while addressing the CREDAI, the Confederation of Real Estate Developers’ Associations of India.
The minister expressed his helplessness vis-a-vis the exclusion of stamp duty from GST, saying, “States have, in their wisdom, not adhered to the inclusion of stamp duty under GST.” “Thus, we need to move forward from this debate,” he said.
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Demand of affordable homes in real estate market is on the peak as maximum number of home buyers are from middle class and prefer to buy affordable homes above luxurious apartments. The market was already facing a slowdown in sales which has become even worst after the Demonetization move by the government of India.
So to increase more sales and attracts potential buyers, Gurgaon builders are now planning to focus on affordable homes and for cost cutting they have decided to reduce the size of apartment.
Smaller sized flats are attracting buyers due to their affordability factor and as the family size is also getting smaller now people do wish to have an affordable and smaller house.
Earlier this month as the union budget 2017 get announced, the finance minister proposed in the budget that Govt. will grant infrastructure status to affordable home which will let builders to borrow funds at a lower cost.
Continue reading “Gurgaon Builders Building Affordable Homes, but with reduced apartment size”