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Under the Real Estate (Regulation and Development) Act (RERA), builders are forbidden from advertising their under-construction projects. However, ready-possession projects with an Occupancy Certificate (OC) can be advertised, which has in turn encouraged buyers to choose ready-to-move-in properties. This preference, although more costly, helps in saving their time in the entire home-buying process.
The Benefits Of no GST for Homebuyers
The implementation of the Goods and Services Tax (GST) has lowered the tax burden on ready possession properties. The tax levied on the entire cost of the project including the land is only at 12 percent, which the builder can claim as input credit. This makes OC ready projects cost-effective for homebuyers. With property prices rising steadily, GST savings allow customers to get value for their money.
The Benefits Of no GST for Developers
By selling OC ready properties, developers can get rid of their unsold property and leverage the new liquidity on projects coveted by their clients.
As such, it’s a win-win situation for both developers and homebuyers. If you’re looking for ready-to-move-in flats in Pune, check out Amanora Park Town. The 400-acre township offers 2 BHK luxury flats for sale in Pune’s fast-growing location, Hadapsar.
