Home buyers alert: How to save GST while buying home? Here is a move that can help you save big
On account of 12 per cent GST waiver and price difference of around 6-8 per cent, industry insiders say if a home buyer opts for an unsold ready to move in unit, he or she can easily save around Rs 12 lakh.
Home buyers can have the last laugh as out of net unsold inventories, near 60 per cent ready to move in units are in seven major cities namely Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Kolkata and Chennai. While opting an unsold ready to move in unit, a home buyer can save the 12 per cent GST being levied on the real estate, a move by the Indian government that can help home buyers to save around Rs 12 lakh on flats falling below Rs 80 lakh price. Speaking on the matter Anuj Puri, Chairman – ANAROCK Property Consultants told Zee Business online in a written statement, "Indians looking to buy homes in 2019 have a very compelling rationale to opt for ready-to-move (RTM) homes, which – apart from being exempt of the 12 per cent GST ambit - are available plentifully."
Puri went on to add that as per ANAROCK data, out of the total 6.73 lakh units of unsold housing inventory, nearly 85,000 units are currently ready to move in across the top 7 cities. Interestingly, out of these total unsold ready-to-move options, nearly 60 per cent units are in the affordable and mid segments priced below Rs 80 lakh. Delhi-NCR and Mumbai suburbs itself account for aroun 54 per cent of the net unsold inventories in India.
Commenting upon the savings that a home buyer can pocket while going for an unsold inventories Ashok Gupta, CMD, Ajnara India told, "For units up to Rs 80 lakh, a home buyers needs to pay around Rs 8 lakh on GST, which he or she can easily save by opting an unsold inventory." He said that the unsold inventories being ready to move in is comparatively cheaper than the fresh ready to move in flats. So, by opting an unsold inventory a home buyer can save some more money from the price difference.
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Commenting upon the price difference between the fresh ready to move in units and the unsold ready to move in units Rakesh Yadav, CMD, Antriksh India Group told, "The price difference between the ready to move in unsold units and the fresh ready to move in flats is normally around 6-8 per cent as the developer is in a hurry to sell out its flats and such a sop may help him give momentum to his sales."
So, if we add the GST waiver along with price difference a home buyer opting for an unsold inventory can easy get his or her dream home by paying around Rs 12 lakh lesser, said Rakesh Yadav of Antriksh India Group.