Gst & pre-EMI setback for under construction projects
The under-construction real estate projects or newly launched projects have stuck across the country mainly in Delhi-NCR, Noida and Greater Noida, no home buyers make effort to invest into under construction projects after developers providing several benefits.
Senior Advocate Dr. Sanjay Chaturvedi said, “GST and Pre-EMI is the main cause which fears home buyers to invest in under construction project.” The home buyer needs to pay around 18% of the project to the State government in a form on GST and Stamp Duty, it added.
According to a source familiar with the schemes said, “After the builder receives OC of the project, developers increase the amount of flat by 15% to recover financial loss.”
About 49% home buyers prefer ready to move in properties while 35% are looking to buy property which will be in ready-to-move-in stage within the next six months and 11% participants favoured those properties that will be ready within a year and only 5% buyers want to put their money in newly launched projects, according to an agency referring to ANAROCK survey.
Real Estate market of DELHI-NCR, is badly affected by defaults and delays in handing over homes to buyers.
However, the RERA has played a vital role in shaping the mindset of the home buyer which makes them play smart before investing hard earned money. According to a source, there are over 15,000 projects which are under understand and newly launched.