For over 5 decades Mayfair has put its best foot forward and given its customers the best of services and products. It has been the company’s constant endeavor to raise the standard of living of its residents, beyond just offering them home. Home is a necessity. Mayfair Housing has always made sure they offer its customers transparent communications and innovative technological solutions. Even after 50 years they still work to ethically and honestly serve the clients so that they can achieve their dream of a home.
Once again Mayfair Housing is giving its customers a chance to make the best of GST. Their offer is designed keeping in mind customer’s prerequisites. So, come August 1 and you can save up to 10 per cent on any Mayfair ready-to-move flat. There is no hidden cost nor any surprises later.
Under-construction properties are charged 12 per cent under the ambit of GST. If you invest in a property that is just started its construction, you will also be liable to pay the whole tax. This consequently increases the price of your property. The stamp duty and registration fees shall also be added to it.
However if you invest in a ready-to-move property today not only can you escape the GST but you can also save almost 10 per cent on the ready home. Take a look at the table below:
|GST: Ready Flat|
|1||Sales Price of a Ready Flat (Rs / sq ft)||10,000||20,000||10,000||20,000|
|2||RERA Carpet Area (Sq Feet)||500||500||700||700|
|4||Stamp Duty + Registration @ 5%||2,80,000||5,30,000||3,80,000||7,30,000|
|5||GST @ 12% (Net of Land abatement)||-||-||-||-|
|6||All Inclusive Cost to the Flat Buyer (A)*||52,80,000||105,30,000||73,80,000||147,30,000|
If you plan to invest in an under-construction property which is just started.
|GST: Under Construction Flat|
|1||Sales Price of an Under Construction Flat (Rs / sq ft)||10,000||20,000||10,000||20,000|
|2||Less : Differential ITC under GST||-240||-320||-240||-320|
|3||Net Sales Price of an Under Const Flat||9,760||19,680||9,760||19,680|
|4||RERA Carpet Area (Sq Feet)||500||500||700||700|
|6||Stamp Duty + Registration @ 5%||2,74,000||5,22,000||3,71,600||7,18,800|
|7||GST @ 12% (Net of Land abatement)||5,85,600||11,80,800||8,19,840||16,53,120|
|8||All Inclusive Cost to the Flat Buyer (B)*||57,39,600||115,42,800||80,23,440||161,47,920|
|Additional Cost in Buying an Under Construction Flat V/s Ready Flat *(B-A)||57,39,600 - 52,80,000 = 4,59,600||115,42,800- 105,30,000 = 10,12,800||80,23,440 - 73,80,000 = 6,43,440||161,47,920 - 147,30,000 = 14,17,920|
|The Increase in Total Cost is due to Impact of GST||8.7% ↑||9.6% ↑||8.7% ↑||9.6% ↑|
With a ready-to-move apartment, you can move there today while it will take years for your under-construction home to get ready. If this an investment option even in that case your revenue with start coming-in in few months. There is no pre-EMI interest that you will have to bear, no loss of interest on Own contribution. Furthermore, you will get the possession with all documents without any delay and thus ultimately no Force Majeure.
Thus the time to go and purchase your dream is now and Mayfair Housing is giving you the opportunity of a lifetime for a limited period. As Mayfair commits so does it deliver.