Author: micl1

Own your Dream Home This Gudi Padwa with Flexi Payment Scheme Offer for Limited Apartments by MICL Group
Traditions and culture matter a lot to Indian home buyers. Plenty of research in the market is always given to time, phase and delivery when it comes to us Indians. ‘Shubh Muhurat’ or auspicious time is very critical. Most of the buyers wait for months for the auspicious time to invest or take possession of their property. One such occasion is Gudi Padwa, which is celebrated on the first day of the Chaitra month. This day creates a lot of buzz in the real estate market as people wish to make their bookings on the auspicious day.

Find your dream home at Aaradhya Nine– the Residential Project in Ghatkopar East
Gudi Padwa is considered as an auspicious day to make investments, buy new things and take major decisions. Building a home is no ordinary task. To many, it may seem ordinarily just construction, we understand that, we are building a future for people who call it their home. Hence, Gudi Padwa is that auspicious time to launch these potential futures to the public. Since we have always put our customer’s needs ahead of our own, we plan to make it a literally a very happy Gudi Padwa for all our customers, by launching deals that you can profit from. We welcome a new member in the family of our pioneering projects, Aaradhya Nine. Aaradhya Nine at Ghatkopar Avenue in Ghatkopar East, is a unique way of living amid luxurious amenities and world class services. We have planned its launch on Gudi Padwa & the bookings also start along the launch.

It is time to upgrade your living
A development by MICL Group and Man Infraconstruction LTD., Aaradhya Nine offers elegant  1, 2 & 3 BHKs in Ghatkopar East. Every Home is bound to impress you with its sheer beauty. Well-designed layout with passage free planning ensures optimum space in each apartment. The apartments are available at Flexible Payment Plans only on select flats. We understand every need of the customer and that add up to ease your life. Care is taken to make your private space as luxurious as possible.

Aaradhya Nine comprises of 4 Wings connected by a single basement with designed towers of 15 floors. Bordered by a decorative compound wall, this earthquake resistant structure is designed to grab eye ball. Utmost importance has been given to the safety of the structure from the outside as well as inside. From state-of-the-art architectural planning to the tiniest of comfort, every small detail has been wisely thought out to give residents an absolute living experience. Each architectural mix and infrastructure is planned to meet the needs of current times.

Ample stilt, basement and covered car parking spaces which is a rarity in a suburb like Ghatkopar. Designer entrance lobby to welcome you with panache and decorative design elements on the exterior and interior of the structure to enhance the look, aesthetically chosen colours to soothe the eye. Well planned extra spacious homes with optimum usage of the available area to provide customers an absolute home, are some of the design features at Aaradhya Nine.

The Uniqueness of Rooftop Amenities
Aaradhya Nine brings the first of its kind club in the flats in Ghatkopar East. The ALTITUDE. It’s roof top amenities will boost your zest for life. Behold its avant-garde design which will fill you with awe and inspiration. Get the right attitude at this altitude. The club altitude caters to your mind, body and soul ensuring you will holistically add life to your years.

The club house, gymnasium, yoga centre, Kids’ play area, reflexology centre, all at the rooftop of our project are set to enliven your body & mind.

So, this Gudi Padwa, a home of plentiful benefits awaits you to be welcomed on the auspicious new year. Wait no more and book a home to make the wise decision that will be cherished for generations to come.

When a non-resident Indian (NRI) opts to purchase a property in India, there are several regulations that govern how such a purchase can be financed. There are plenty of questions that revolve purchase, executing Power of Attorney (POA), home loan and tax matters related to an investment in property in India for non-resident Indians (NRI). Here are a few answers to guide an NRI homebuyer, to get a good deal in future.

Financing Sources
The money for purchasing a property in India, must come through banking channels only. Consequently, the payment cannot be tendered in the form of traveller’s cheque or foreign currency. An NRI can also use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India.

As NRI investment in Indian real estate or with real estate companies in Mumbai, is only allowed in residential or commercial properties, banks too, can finance only these properties. Almost all banks offer home loans to NRIs for buying a house or constructing one. One can also get a loan, for purchase of land (non-agricultural), for constructing a house in India.
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.” You can make use of this act to avail certain benefits.
The application for the home loan can be made online, as well as offline. The nature of documents that need to be submitted, will depend on whether the NRI is a salaried employee or whether she /he is self-employed. It will also vary, depending on the NRI’s country of residence. Nevertheless, copies of one’s passport and visa, passport-sized photographs and proof of residence in the foreign county, will be required in all cases.

The Right Choice of Property
NRIs cannot buy an agricultural or farmland or plantation property. However, they can inherit them. What documents are required from them to make a property purchase in India? Does it require RBI permission?
Also, no permission from RBI is required. All they need to have is to hold a valid passport with PIO/OCI card (wherever applicable), address proof, PAN (permanent account number in India) and photograph to buy a residential or commercial property in India. Realtors in Mumbai like Man Infra help you become aware of all these minutes. Their new projects in Mumbai can also be a good option for investment, as while investing your money you would think of a trusted name to join hands with.

What is adjudication of POA?
The POA issued abroad will have to be sent to India and the POA-holder will have to sign and adjudicate it, within 3 months from the date of assigning the power, in India at the registrar’s office. Only after this the POA will be considered ‘given’.

The tax benefits in India on home loan
According to section 24 of the Income Tax Act, the interest on a home loan is deductible from the income gained from house property to the extent of Rs.2 Lakh per annum for self-occupied property. For other than self-occupied property, you can claim actual interest paid. Moreover, up to Rs.1.5 lakh of the principal repayment can be deducted under section 80C (subject to an overall limit of Rs.1.5 lakh of that section including other investment options which allow grant under the same section).

Introduction of MICL
MICL Group is amongst the pioneering real estate developers based in Mumbai. Their presence in the field of construction for more than five decades has made them trustworthy real estate developers in Mumbai. There are many real estate companies in Mumbai but, MICL Group is the only known independent brand with in-house construction and development expertise. Nowadays,  residential properties in Mumbai are in high demand. And the years of experience in construction has given the MICL Group confidence to work on the construction of the residential projects. Currently, there are many ongoing residential projects in Mumbai which are under the MICL Group.

About Projects
The MICL Group is working in full swing. At present, there are six  ongoing residential properties in Mumbai< by the group. They have completed the construction of three other residential properties based in Ghatkopar, Mumbai. Also, there are two  pre-launch projects in Mumbai.  All these residential projects are in the suburbs of Mumbai.
Here is a detailed and closer look at all the projects by the MICL Group.

Ongoing Projects

1)  Aaradhya Residency
‘Aaradhya Residency’ is a majestic residential project situated next to Jolly Gymkhana, Ghatkopar West. This residential project is a place to enjoy the luxuries of comfortable living. With artistically designed interiors and exteriors, apartments here are Vaastu compliant. Take advantage of the luxe amenities at the luxurious apartments in Ghatkopar by the MICL Group.

2)  Aaradhya Swastik
‘Aaradhya Swastik’ is the unique residential project in Chembur by the MICL Group. The project offers lavish 4 BHK flats in Chembur with all the necessary amenities. This new project in Chembur is a convenient location for working individuals as, it is just minutes away from the Eastern Freeway and Sion-Panvel Highway. Buying flats in Chembur is valuable, as the town is located right at the center of the city and the infrastructure here is growing rapidly.

3) Aaradhya One
Buying flats in Chembur is beneficial as it is a well-developed city, full of known educational institutions and employment sectors. The new project in Chembur by the MICL Group, ‘Aaradhya One’ is a 12-storey residential property located in the West. The projects offer 2, 3 BHKs in Chembur with splendid amenities such as yoga pavilion, landscape garden, rain water harvesting system, jogging track, senior citizen corner etc. There are two ongoing residential projects in Chembur by the MICL Group and ‘Aaradhya One’ is one of those.

4)  Aaradhya Signature
Owning flats in Sion is just the best property investment as the infrastructure here is ever growing. ‘Aaradhya Signature’ is another ongoing project of the MICL Group which offers luxury apartments in Sion. The projects offer 3, 4 BHKs in Sion with a blend of modern amenities that are most desired by the people of Eastern Mumbai.

5)  Aaradhya Nine
The ongoing residential project in Ghatkopar East by the MICL Group is ‘Aaradhya Nine’. This new construction in Ghatkopar East is a land full of luxurious rooftop amenities. The 2 BHKs in Ghatkopar East offered by the MICL Group are well-furnished flats with international standards high-end electrical fitting. There are two more successful complete projects in Ghatkopar East by the group. Get the best apartments in Ghatkopar at ‘Aaradhya Nine’ to enjoy a comfortable and lavish lifestyle.

Completed Projects

1)  Aaradhya Saphalya
‘Aaradhya Saphalya’ is a residential project in Ghatkopar East that was delivered 10 months before the commitment by the MICL Group. The 2 BHKs in Ghatkopar East offered at the Aaradhya Saphalya are well planned and constructed flats. Other than this, the ongoing project in Ghatkopar East by the Group is ‘Aaradhya Nine’.

2)  Aaradhya Nalanda
Another residential project in Ghatkopar East by the MICL Group is the ‘Aaradhya Nalanda’. This new construction in Ghatkopar East is a 7 storey residential tower constructed in 2723 square meters of area with all the necessary amenities. These 2 BHKs in Ghatkopar East offered by the MICL Group are well-planned keeping in mind the needs of various types of families.

3)  Aaradhya Tower
‘Aaradhya Tower’ is yet another successful residential project in Ghatkopar West by the MICL Group. This new project in Ghatkopar West is a 13 storey structure with 2 wings offering 2, 3 and 4 BHK apartments. Another new project in Ghatkopar West by the MICL Group is ‘Aaradhya Residency’.

New Projects

The MICL Group is aiming high in the field of developers and for the same they are coming up with new projects in Mumbai. These new projects will be set in Dahisar and Vikhroli. The planning of the new residential projects in Mumbai are in process and soon the MICL Group will be out with the news of commencement of new projects.

Imagine you have finally selected your dream house. You reach out to the real estate companies in Mumbai and then find out that you are not eligible for a home loan for the amount you need and so your home loan application got rejected. Or imagine another situation where the loan process took such a long time that the new project in Mumbai  that you wish to buy, was sold to someone else. Such are the nightmares of every potential home loan borrower. To eliminate these situations, a new way of lending has come to the picture which we call ‘Pre-approved home loans’.

A home loan pre-approval is provided by a lender in writing, confirming that subject to certain specified conditions being met, you may be able to borrow up to a specified sum. This is also known as a ‘conditional offer’ of finance. When you receive your pre-approval – carefully check and ensure that you understand each of conditions and what must be done to meet these. Standard conditions as an example are; registered valuation satisfactory to the bank, copy of signed sale and purchase agreement satisfactory to the bank. To obtain a strong pre-approval, you should provide as much information/documentation as necessary when submitting your application. The strongest pre-approvals usually have the least number of conditions attached.

You can go directly to your existing bank, or any other lender to submit a home loan application. This can usually be done with a bank lender at a branch, over the phone or online. Additionally, some banks have Mobile Mortgage Managers who can meet with you at a place of your choice on weekends and after-hours. A benefit of dealing directly with the bank is that you may get an outcome to your application earlier than via a broker.

The advantages of Pre-Approved Home Loans
1. Pre-approved home loans are not certain to be disbursed. This may happen if the property you have selected has some legal issues. If the legal title is not cleared or some govt approvals are not in place, then the bank may refuse to disburse the loan. The approval of the loan is just the first step of the loan, not the entire process.
2. In a pre-approved loan, the first section of the loan procedure which is the borrower verification is done in advance. So, once the applicant selects the property, the lender must verify the property. So, the loan can be disbursed comparatively faster than the general home loan.
3. It is possibly the worst feeling when you cannot have your dream home just because your home loan application is not granted. In such a condition, you cannot even go to the next lender very soon as it may affect adversely in your credit score.

Real estate can be profitable when people have the knowledge to make wise investments. Consider the time it takes to find new residential projects in Mumbai in which one can invest. Then, learn evaluation techniques from real estate developers in Mumbai, to determine the suitability of properties for your investment portfolio.
The commercial side of real estate can be an appealing proposition for any investor. It offers you the ability to dip into a new pool of clients and grow your business interests. But, the commercial side of real estate is also a different area that requires some additional considerations versus the residential side of the business. Patience is a virtue with these transactions, as the sales cycle is longer, requiring an investor to remain vigilant about the fluctuations in the market demand. But many indicators point to commercial real estate as a strong choice for ones looking to move their business forward in 2018.

Understand the Market
Investors need to understand the market they are investing in. Having a good wherewithal of the fundamentals (legal implications, competition, vacancy, rents, etc.) will allow them to make savvy investments that could yield high returns. This will enable investors to fine tune their commercial real estate investments and diversify their portfolio.

Assess Risk by Property Type
Risk assessment is very different in commercial when compared to residential real estate and varies greatly by property type. The success of two properties right next to each other is typically similar, while commercial buildings in a similar position could fluctuate independently, so it’s important to understand the range of risks inherent to your potential investment.
It is easy to get emotional about a deal, no matter how experienced you are. If you know your numbers and stick to them, it takes the emotion out of the equation. This can save your wallet, big-time. Try to obtain and confirm every bit of information you can about an investment — not just the physical property but the history and potential future of revenue, operating expenses, and capital costs.
The geographic boundaries in which you intend to invest will be mostly restricted by whether you intend to outsource property management services or manage the property yourself. If the latter is the desired route, you are going to want to look for properties that are within a relatively close travelling distance. Locations with a growing job market tend to attract more people. More people means more renters, especially if you target an area with a large rent/own ration. One of the top considerations for your renters may hinge on the school district and specific schools that they want their children attend. Researching the local schools will be a key variable which can increase your renter pool as well as significantly impact the overall appreciation of your investment property.
When you have the type of property you desire and the neighborhood narrowed down, look for the best properties that have both appreciation potential and good projected cash flow. You should choose experienced and seasoned real estate developers in Mumbai, who have a proven track record of helping buyers with the acquisition of investment properties.

Dream Homes in Mumbai
Home interior designers work dedicatedly to bring out the best from the rooms and spaces available in a home. The most important room in any house is the bedroom as one spends more than one-third of their lifetime in the bedroom. The bedroom is a place of privacy and intimacy and the comfort and quality of sleep determines one’s overall health. Thus, it is very important to feel contented, happy and cozy in the bedroom.
While, not everyone can afford to hire an interior designer to come into their home, guiding all their design decisions. Some of us want to be the ones who make our own design decisions, using our own individual style and preferences.

How real estate developers & companies help you
Getting a property, for home or office use, is one of the most emotional decisions you can make because a real estate transaction is more than just purchasing or leasing a building. When real estate developers and professionals collaborate with interior designers to create imaginative environments, it translates to a relationship that makes your purchasing decision far easier as you won’t have to re-imagine an empty space. Many  ongoing residential projects in Mumbai by MICL Group have been undergoing this process in recent times. So here are the few tips that can help you transform the way your house looks.

1. Colour Schemes: Use Three Colours or Shades
You need to choose a colour scheme for your home, which is the first step of the whole process. Colour is so personal and creates moods within us that inspire. No matter what, choose the colours that call out to you. Let’s say you choose a colour combination of brown, teal and tangerine. A shade of brown would probably be the wall colour, teal may be the colour you choose for accent chairs or an accent wall, and tangerine could be the colour you pull out in pillows and accessories. This formula of three colours works in any combination. Just remember, three is better than one or two, as a room done in one colour is boring. Yes, you can have an all-white room but with three shades of white.

2. Add Texture to Your Home
Equally important to colour, is texture — especially if you crave a single-colour scheme such as all-white or all-grey. A room at first glance can seem like a single-colour scheme, but if you look closely you will notice shades within the same colour and plenty of texture via fabrics/textiles.

3. Use decorative mirrors to add instant light to your living space
As seen above, mirrors can also be used to make a small space feel larger. For larger rooms, or any room with a more limited amount of natural light, mirrors placed directly across from the windows, will add instant light. Decorative mirrors can also be used in lieu of art to fill empty wall spaces. Large or small, mirrors add light and dimension to your living space.

Doing up the interiors of your home is a long process that requires a lot of thought put into it and sometimes also required the help of a professional. Either way, your home is an extension of your personality so one must be keen to design and decorate it accordingly. For those who want to do it up by themselves, they can find plenty of inspiration online.

Mumbai Real Estate – An Overlook
There is no doubt now that between 2016 and 2017, Mumbai’s complex real estate landscape has undergone a metamorphosis. This transformation consists in large part of the consequences of close to a decade of unorganized growth, unsystematic business practices, the influx of many low-quality ‘developers’ and the final tapering off, of increase in real estate prices.

The key challenge for real estate developers in Mumbai, despite the desire of a lot of stakeholders to blame developers exclusively, is the broken nature of our permitting system. Myriad departments, opaque land laws, constantly changing regulations and dramatically increasing governmental premia have all led to a fundamentally unpredictable underlying business model for real estate development in Mumbai.

How Sion Got into the Game
Geography is one of the primary factors responsible for Sion’s astronomic real estate prices for new projects in Mumbai . High investor activity always plays a big role in driving up real estate prices, and non-resident Indian investors comprise a significant chunk of residential real estate buyers in Mumbai, since it offers better returns for property investment when compared to cities in their countries of residence. Another reason for high demand from NRIs for a property in Sion is the fact that Mumbai, as a global city, offers luxury apartments in Sion that can match what they have grown accustomed to in developed countries. Inhabitants of the city’s far suburbs would contest for flats in Sion.

Connectivity
The announcement of the Sion-BKC Link, the construction of the road and bridge over Mithi River is set to commence in a few weeks, this will benefit the residents of Wadala, Chembur and Sion. So, if you are looking for a home, a  3 and 4 BHK flats in Sion, then this is the right time to take a step forward. Just few years and Sion will have our major infrastructure projects that are ready and rocking, which would mean most of our Metros, Trans Harbour Link, Goregaon Mulund Link Road, Ghansoli Ghatkopar Sea Link which is also going to connect Dombivali ahead etc. will all be ready.

( Also read about :  The Right Time To Buy A Dream Home At Sion  )

Find your Dream Home with the MICL Group
MICL Group is one of the pioneering real estate developers in Mumbai. Our legacy dates to 50 years+ in the field of construction that began with our parent company, Man Infraconstruction Ltd. Our “Signature Sion Project” features a blend of modern amenities that are most sought after in the heart of Eastern Mumbai in Sion. In these luxury apartments in Sion, you can now fulfill your desire of having a home here at a prominent locality. With the finest craftsmanship in these 3BHKs in Sion, you need not compromise on your needs; and all of this at a satisfactory price.

Aaradhya Signature is laden with thoughtful amenities to live in style and comfort. It has a kid’s play area, gymnasium, swimming pool, reflexology path and many other rejuvenating amenities at hand.
It also possesses 4BHK duplexes that are designed to give you a unique experience. You can choose these homes if you have a bigger family. It is now ready for fit outs & its OC expected soon, that makes buying this ready property very beneficial.

Fuelled by the soaring demand for homes, the real estate developers in Mumbai have been experiencing a considerable growth in the last few years. Even areas outside the suburbs, which were earlier overlooked by builders, have become highly viable, thereby helping create opportunities for more and more micro-markets. Chembur, located strategically, and connected to South Mumbai via the freeway, the Western Suburbs via the SCLR, Navi Mumbai via the Sion-Panvel Highway, and Central Mumbai via the Eastern Express Highway, is one such area which has rapidly risen in popularity, lately.

As such, it is positioned perfectly to not only meet the ever-increasing demand for  2 and 3 BHK flats in Chembur , but also to address the lack of space and infrastructure, a major concern in several other areas of the city. Its proximity to business districts and airports, along with its connectivity to the rest of Mumbai, makes commuting easy for professionals, resulting in a huge increase in the number of home owners looking to buy properties here. Furthermore, upcoming projects like the Navi Mumbai International Airport, the Monorail Phase-II Wadala to Jacob Circle, and the elevated road from BKC to Sion, are expected to majorly increase the demand for residential properties in the area.

If you look at the time from 2007-2017, one can easily trace the growth story of Chembur. That period was a time when developers were looking to sell their  flats in Chembur on the super built-up area in the price range of Rs. 6,000-9,000 per sq. ft. Come 2010-2014, after the infrastructure boom, the prices started shooting up.

(Also read about :  Chembur East – A Growing Residential Hub )

Social amenities are also well-developed, as the place offers good schools, colleges and shopping areas. So, with all the facilities and amenities required to lead a healthy and luxurious life, Chembur still remains a highly sought-after place in Mumbai and if you too are looking out to buy a home, you should consider Chembur.

Capitalising the potential, many real estate developers have forayed in Chembur and are investing in the area at an unprecedented pace in accordance with growing demand of young generation who not only wish for homes designed as per modern standards but are also affordable. The availability of large industrial land parcels for residential developments amply supported this transformation. As large industrial land parcels were unlocked for real estate developments, several developers gravitated towards Chembur and the micro-market started buzzing with new developments. Along with its wealth of open public spaces in Gandhi Maidan, Annabhau Sathe Garden, Diamond Garden, Ambedkar Udyan, Sandu Garden, Tilak Nagar Ground and Jawahar Ground as well as The Bombay Presidency Golf Club, the stage is set for large-scale residential developments to take off in Chembur.

Being the cynosure of a big share of new real estate developments due to its strategic location advantage, Chembur is likely to witness significant new launches in the future. Hence investing in this locale of Mumbai will be a good option.

Investment in real estate of NRIs has grown drastically over the last couple of years. With the introduction of RERA (Real Estate Regulatory Act) and GST (Goods and Services Tax), and because of the demonetization effect there is a positive sentiment attached to the real estate companies in Mumbai currently. Real estate developers are now more transparent in their business dealings and people are placing their trust with the builders for realizing their dreams of owning a home. This can also be said in terms of NRIs as we are now seeing a growth in the number of NRI investment options in India. There are also quite a few financing options for NRI’s. Here’s how NRI’s can invest in Indian real estate.

FEMA- Foreign Exchange Management Act
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”. FEMA started after the FERA act was repealed (where it was the previous trade policy that discouraged foreign currency in an economy and insulated the economy from being an open economy.)

FEMA covers three broad areas:
• Rupee convertibility
• Setting up of separate ED (Enforcement Directorate) for trying out criminal offenses in foreign exchange.
• Borrowings by corporate sector.

The other major roles are areas of foreign investment policy and exchange rate determination.

Financial transactions and funding
For any property investment in India, all the transactions should be done in Indian currency through Indian banks. One of the mandates is to have an NRI account in an authorised Indian bank.
An NRI can easily get funding for the purchase if his paperwork is clean. There are several NRI home loan schemes available under different financial institutions in India. Developers in Mumbai like Man Infra and other big names also aid in financing. If you are getting your property funded make sure that you have a minimum of 20% of the value of the new projects in Mumbai to invest from your own sources. You can take funding for a maximum of 80% of the value of the property.

Taxes
Taxes often define how, when and where one can invest in India. For NRIs though, that is also easier. The NRI is expected to pay registration and other service charges at the time of booking the home. Post that, the NRI is eligible for all the same benefits as an Indian citizen. However, if they sell the property within 3 years of purchase, the earnings are then taxable. While if you sell the property after 3 years, NRIs can reduce the long-term capital gains tax by investing in another property.
So, the next time you plan an investment in the Indian real estate industry back home, take a note of all these basic yet useful points.

The Goods and Services Tax (GST) Bill was approved in the Lok Sabha on March 29, 2017 with four supplementary legislations – The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017. The GST will subsume central excise, service tax, VAT and other local levies to create a uniform market. GST is expected to boost GDP growth by about 2 per cent and check tax evasion. The states will have to pass their State GST or SGST law that will allow them to levy sales tax after levies like VAT are subsumed.

The construction of a complex building, civil structure, or a part thereof, intended for sale to a buyer, wholly or partly, is subject to 12 per cent tax with full input tax credit (ITC), subject to no refund in case of overflow of ITC. In other words, residential construction services, will invite GST at the rate of 12 per cent, which will apply to developers selling  new projects in Mumbai before completion of construction to the home buyers.

Beyond the political overtones, the economics of the existing taxation structures, do not indicate a smooth transition, if the  real estate companies in Mumbai  were to be brought under the Goods and Services Tax (GST). There are many issues and grey zones that need to be ironed out before GST becomes a reality in real estate.

• Land is a state subject and stamp duty and registration of properties, are a major source of revenue for states.
• Combining the present rate of 12% GST plus 5-7% stamp duty, would make housing beyond the reach of many in India.
• Offering a slab of 5% and 12% for low-cost and other housing projects, respectively, may sound buyer-friendly, but revenue sharing between the center and the states would be a bone of contention.
• It remains unclear, whether the inclusion of real estate in GST, would check tax evasion in the property market.

Real estate industry stakeholders, hence, are watching the developments closely. They are conscious of the fact that if real estate is brought under GST, it could reduce multiple taxation and lessen the overall tax burden on home buyers and in the process, benefit builders, as well. However, the process seems far from easy, as it involves compensating the states for a major source of their revenue.