GST rate cut cheers the homebuyers Increased interest in property investment in Bengaluru
Bengaluru, March 06, 2019: With the GST rate going down for the under construction and affordable segment houses, potential home buyers are in a hurry to invest in residential properties. Many home buyers have already approached the property developers to enquire about the different offerings in various locations in Bengaluru. To assist these home buyers, CREDAI is organizing CREDAI Realty Expo 2019 on 09 and 10 March 2019 at Radisson Blu, Outer Ring Road, Marathahalli.
A total of 35 developers will be participating in the expo in Radisson Blu, Marathahalli. Additionally, six financial institutions will also be present at the expo venue to assist home buyers regarding home loans and the benefits offered by them. With this expo, CREDAI Bengaluru will bring the entire home buying experience under one roof.
With Bangalore being the end user market, GST rate cut has created a lot of interest among the home buyers in the city. The market which is already witnessing growth in the last 6 months is expected to grow exponentially after the announcement of the reduction in GST. In the past six months, the sale of residential properties in Bengaluru rose significantly by 35% compared to the sale in 2017. The department of Stamps and Registration shared that the real estate market in Bengaluru recorded nearly 20% rise in revenue from property registrations itself in the last seven months of 2018 in comparison to 2017.
Commenting on improving the home buyers’ sentiment, Mr. Ashish Puravankara, President, CREDAI Bengaluru said, “GST rate cut ushers in a new wave for home buyers. Especially for first home buyers this could act as a catalyst and bring them closer to their aspirations of being home owners. The consumers who were currently sitting on the fence, may also accelerate their home buying decision, as the current new rates are conducive and make the real estate market a very attractive investment proposition. The Bangalore market has predominately been end – user driven and hence steady, but now with the GST cuts we envision an era of rising latent demand and one of robust, sustainable and inclusive growth”!
Mr. Adarsh Narahari, Secretary, CREDAI Bengaluru further explained, “With the positive changes happening in the real estate sector, the residential sales in the city will increase. Our expo will help the home buyers who have already taken the decision to invest in the properties by offering them a plethora of options at different parts of Bangalore. CREDAI, along with financial institutions, offers a unique experience to the home buyers wherein they can make the buying decision with quick help from the developers and banks under one roof. This factor has always given good results to the CREDAI Expo.”
Highlighting the benefits Mr. A Bimal Hegde, Chairman, CREDAI Expo Committee added, “Our expo offers options between affordable to uber luxury housing. This is the best time for anyone to invest in the real estate as they can outlay their financial plan for the year. Also, with the GST rate cut and tax benefits offered in the union budget, there are multiple benefits for home buyers. Also, with such supportive decisions like the GST rate cut, developers can now think about launching the new projects in the city.”
About CREDAI Bengaluru CREDAI Bengaluru is an apex body of credible real estate developers, operational in Bengaluru for three decades. It has around 250 reputed developers as its members in the city and 500+ developers across the state. CREDAI Bengaluru safeguards the interests of real estate developers and builders while protecting the rights of buyers and home owners. CREDAI Bengaluru gives voice to its members and is responsible for communicating with government agencies, trade bodies and other authorities on issues directly affecting the sector.