Legal
New GST Rate amended from 1st April 2019:
- Affordable housing properties: Effective GST rate of 1% without ITC
- Residential properties outside affordable segment: Effective GST rate of 5% without ITC
- One-time option (to be exercised once by 10th May, 2019) to continue to pay tax at the old rates (effective rate of 8% or 12% with ITC) on ongoing projects (buildings where construction and actual booking have both started before 01.04.2019) and which have not been completed by 31.03.2019.
RERA
- Sale or allotment of open parking areas by promoters/Developers is not permissible. Thus promoters/developers can't asked for Extra Charges on Parking spaces.
- As per RERA, after a property has received OC , the new home buyers are not liable to pay GST.
- Developers are not supposed to ask for more than 10% of advance of total property value before agreement of sale registered.
