The NEW GST Real Estate Rate from April 2019

On 24th February 2019, the GST Council conducted the 33rd meeting and in this session, they came up with a new GST rate for the real estate sector which started operating from 1st April 2019.

In this meeting, apart from approving the new tax structure, the Council has also given the under-construction projects the ability to shift to a new rate. As per the new GST rule catering to the housing projects, s GST of 5% without ITC will be levied on residential projects which do not fall under the affordable category while a GST of 1% without ITC will be levied on affordable projects.

To make things further easier to understand, the council has also put down the price to differentiate between affordable and expensive housing projects. A residential flat having a carpet area up to 90 sqm in the non-metropolitan city and 60 sqm in metropolitan cities priced Rs. 45 lakh (maximum) falls under the affordable section. Apart from that, it has also been decided that 80% of the building materials are entitled to be procured from the registered dealers and 15% of the commercial space has to be treated for residential property for GST purpose.

Given this fact, the policy is applicable for the real estate Kolkata just like it is applicable for the projects in other cities as well. Real estate Kolkata currently is coming up with a plethora residential projects- where some of which are affordable ones while others are quite expensive. However, we are quite attracted by the affordable ones as they are bestowed with features that will provide you with an updated lifestyle within your means. However, which one is the best of all? In our opinion, it is the New Kolkata residential project with flats in Serampore, Hooghly region.

Discover New Kolkata

To start with, New Kolkata with low budget flats in Kolkata falls under the affordable housing section in a metropolitan city. With flats in Kolkata within 30 lakhs, the project is subject to 1% GST without ITC or input tax credit.

However, the features of the project are amazing and will provide the future residents with an updated form of living. Here are the significant features of the project that is basically shaping up New Kolkata.

●      The project comes with flats in Serampore, Hooghly region, thereby enabling future residents to interact with nature by keeping them away from the main city.

●      The project blends the true essence of nature along with luxury features to provide the residents with the best of both the worlds.

●      Though set away from the main city, the project is well connected by rail, road, river and metro, thereby adding an edge to the concept of connectivity.

●      The project will provide the 1, 2 and 3 BHK flats in Kolkata within 30 lakhs which embraces elegance along with a structural layout to suit your modern lifestyle.

●      New Kolkata by Alcove realty comes with an excellent set of facilities and amenities that will not only provide future residents with a comfort but will also keep each one of them entertained, irrespective of their age.

●      Lastly, this real estate Kolkata project is pre certified by IGBC. It means that the project nestles a sustainable habitat along with providing the residents with a luxurious lifestyle. This step will also educate future residents to maintain the same, thereby bestowing the project with eco-friendly lifestyle.

Hence, New Kolkata with flats in Serampore, Hooghly falls under the affordable category with features which are nothing less than that of a luxurious residential project.