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Housing Prices to Decline After GST Rollout: Venkaiah Naidu

Housing prices will come down after the rollout of the Goods and Services Tax (GST), Union Minister M Venkaiah Naidu said on Friday, while expressing confidence that the landmark tax regime along with property law will bring big relief to home buyers.

PTI

Updated:June 30, 2017, 5:09 PM IST
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Housing Prices to Decline After GST Rollout: Venkaiah Naidu
File photo of Union Minister M Venkaiah Naidu.
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New Delhi: Housing prices will come down after the rollout of the Goods and Services Tax (GST), Union Minister M Venkaiah Naidu said on Friday, while expressing confidence that the landmark tax regime along with property law will bring big relief to home buyers.

Naidu, the minister for Urban Development and Housing and Urban Poverty Alleviation, said only fly-by-night operators and habitual tax evaders are opposing the GST.

“GST plus Real Estate (Regulation & Development) Act (RERA) will definitely bring big relief to house owners. There is no scope for evading anything in the GST. Input credit will also be transferred,” he said.

The RERA regulations, which came into force from May this year, are such that there is no way to escape, he added.

“As Urban Development and Housing Minister, I am the happiest man that with the GST, prices of houses will definitely come down,” Naidu said.

“If anybody is opposing the GST, it is habitual tax evaders. Larger builders community is happy, except fly-by-night operators,” he said.

The minister emphasised that the Centre and states need to implement the new real estate law in an effective manner. “Land and housing are state subjects. States are implementing agency,” he said, but quickly added that he was not shying away from his responsibilities.
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