Union Minister M Venkaiah Naidu, after the GST (goods and services tax) rollout has said that housing prices will come down. He emphasised the Centre and States to implement the new real estate law in an effective way. He is confident that the landmark tax regime alongside the property law will relax the buyers. “GST plus Real Estate (Regulation & Development) Act (RERA) will definitely bring big relief to house owners. There is no scope for evading anything in the GST. Input credit will also be transferred,” he quoted at the Aaj Tak-GST conclave.
As an Urban Development and Housing Minister, I am the happiest man that with the GST, prices of houses will definitely come down. If anybody is opposing the GST, it is habitual tax evaders. Larger builders’ community is happy, except fly—by— night operators. Land and housing are state subjects. States are implementing agency,
he added. This comes after there have been a number of delays in housing projects in NCR, causing worry to the buyers and investors in these homes. He further said that he would speak to the Uttar Pradesh government about the same.
The government has hiked the GST rate for the construction sector to 18 per cent from 12 per cent but removed land value from computation of tax liability.