The realty sector is set to take yet another hit in the coming month after the Goods and Services Tax Council on Sunday slashed rates on under-construction houses from 12% to 5%. The sector community feels the announcement would dissuade people from entering into the market in March since new rates would be introduced from April 1. Not just that, the GST rates on affordable housing have also been reduced from 8% to 1%. Why would anyone want to buy anything in March after these rates are declared a month in advance? The only hope is after the Lok Sabha elections. Until then, there is no ‘acche din’ for the realty sector,” said Ramesh Sanghvi.
