The Goods and Services Tax or GST got rolled out on July 1, 2017, by our former President Pranab Mukherjee and Prime Minister Narendra Modi. After implementation of GST, the Real Estate Kolkata was affected as well. The price of flats in Kolkata have gone down which have proved to be superbly beneficial for the buyers of the city. Here are 5 Steps You Need to Follow Before You Buy Flats - https://www.newkolkata.in/blogs/5-steps-to-buy-affordable-flats-in-kolkata

1. GST Impact on Real Estate -
No Burden on Buyers
W H E R E W I N N E R S L I V E

2. GST Impact on Real Estate
So, finally the long-awaited revolutionary tax
structure has been introduced. The Goods and
Services Tax or GST got rolled out on July 1, 2017,
by our former President Pranab Mukherjee and
Prime Minister Narendra Modi.
This tax structure came into operation with the view
of transforming India with its ' One Nation, One
Market, One Tax' principal by absorbing other
indirect taxes and implementing a simpler tax on
goods and services.

3. GST Impact on Real Estate
Why is the effect of GST so crucial on the real estate
sector?
• The real estate sector is one of the most central
sectors of Indian economy.
• It is the second largest employer in the economy
after agriculture, contributing an annual of 5-6% to
GDP. It also stimulates demand for more than 250
ancillary industries.
• The contribution from this industry is estimated to
grow at a compounded annual growth rate (CAGR) of
30% over the next 10 years.
• As per the experts, this sector is estimated to
produce a revenue of $180 million by 2020

4. Impact of GST on Real
Estate Sector (Buyers)
The real estate sector has practically become more
transparent after GST came in the scenario. It has
absorbed numerous indirect taxes that developers were
entitled to pay under the previous regime. Plus, it has
boosted the sentiments of the buyers as they are
entitled to pay less for the new property.
Under the earlier law, the buyers had to pay taxes
depending on the construction status of the property-
whether it was under construction or completed. If a
buyer was purchasing a property that was under
construction, he/she was subjected to pay VAT,
service tax, stamp duty, and registration charges.
However, if the same property was purchased after
completion, VAT and service tax was deducted and
only stamp duty and registration charges were payable

5. Impact of GST on Real
Estate Sector (Buyers)
Furthermore, the state where the property was located
was also an important factor because VAT, stamp
duty, and registration charges varied from state to
state (all being state levies).
For example, Flats in Kolkata with the best amenities
costs much less compared to ones in other cities with
the same kind of facility. However, with GST the
biggest takeaway is that it is a simple tax that is
applied to the overall purchase price. Properties under
construction will be charged at 12% of the property
value. It is free of stamp duty and registration charges.
For completed properties, the previous outline will
continue and buyers will not pay indirect tax on the
sale price of ready-to-move-in properties.

6. Impact of GST on Real
Estate Sector (Buyers)
For example,
The New Kolkata project which is being handled by
Alcove Real Estate is one of the most luxurious
residential project with best facilities and Ganga
facing apartments.
One can actually purchase the flat under this project
with a budget of more or less 15 lakhs.

7. A Short Note for
The Buyers
As the GST got implemented, there is less burden on
the construction of flats and Housing facilities for the
normal people.
The government is demanding the builders to reduce
the prices of flats which are under construction or
ready for ownership. As the GST will be profitable
for builders by lowering down taxes, it has been
recommended to decrease the prices or provide
instalments as demanded by the buyers.
If in case any builders are demanding higher prices,
the buyer can lodge a complaint through an
application for illegitimate profiteering under the
section 171 of GST rules and regulations.

8. Real Estate Projects in
Kolkata
After implementation of GST, the Real Estate
Kolkata was affected as well.
The price of flats in Kolkata have gone down which
have proved to be superbly beneficial for the buyers of
the city. The premium real estate projects in Kolkata
are selling flats at pocket-friendly rates, backed up by
all the luxury apartment specifications.
One such project that has managed to leave us in an
awe is the New Kolkata Project, under the Alcove Real
Estate. It is not just any project but is a township on
its own.

9. Real Estate Projects in
Kolkata
The project is creating a small city within the
premises with the best possible facilities and flats
costing within 15 lakhs...can you beat that?
It is the most talked about real estate project in the
town and here are the reasons why you should check it
out if you are planning to buy new flat in Kolkata.

10. Perks of Buying Flat in
New Kolkata Project
• It has the best connectivity with rail, road and river.
• It is the biggest and tallest township project on the
banks of River Ganga.
• You’ll experience blissful scenic beauty due to the
presence of Ganga facing flats.
• Availability of 1, 2 and 3BHK flats to suit your
requirements.
• It will provide you private jetty with ferry services
for a whole new experience.
• The area includes air conditioned indoor game space.
• There is swimming pool with pool side deck as well
as kids pool

11. Perks of Buying Flat in
New Kolkata Project
• Presence of air-conditioned playing arena for the
kids and the toddlers.
• Presence of reading room.
• Outdoor meditation and yoga hall along with jogging
track and calisthenics workout area.
• Other facilities of the in-apartment clubhouse
include hi-tech gym, shower area, kitchen and
cafeteria and activity hall.
One can get all these within 15lakhs, which is a pocket
friendly price compared to the facilities this project
has to offer to its buyers. Flat price in Kolkata
serampore area with such facilities have never been
this pocket friendly.

12. Enroll Site Visit
Want to Know More about this NEW Township?
Website:
https://www.newkolkata.in
Email: info@alcoverealty.in