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RERA, GST to escalate price of houses by Rs 500 a square foot
From July 1, all residential and commercial properties in Chennai would be costlier by at least Rs 500 per square foot since builders would have to follow the regulations of the Real Estate Regulatory Authority Act (RERA) and even must pay a higher tax as per the new GST regime.
By
migrator
migrator
Chennai
Confederation of Real Estate Developers’ Association of India (CREDAI) members told DTNext that the cost factor would considerably go up with the implementation of RERA as the builder must bear 70 per cent of the project cost till the time the property is handed over to the buyer. This could be again bad news, both for the buyer and the builder, as the real estate business has been badly hit for the last two and half years.
“Definitely, there is going to be a huge increase, post RERA and GST. We are yet to exactly quantify the increase but sure, it is going to be huge. We are eagerly awaiting the GST tax bracket that the real estate segment is going to be factored in,” Suresh Krishnan, president of CREDAI, Chennai told this newspaper.
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