With a proof to justify the statement of higher GST rates on realty sector, the Mumbai comes forward to show the higher number of unsold apartments due to the unaffordability of buyers reasoning higher taxes.
More than one lakh apartments are lying vacant and unsold in the Mumbai with the sole reason of higher taxes applicable to them despite govt assurance of affordable housing schemes.
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Also to be concerned with the GST, next reason comes from RERA which is a Real estate regulatory authority and demonetisation hitting the real estate sector badly. The Liases Foras, research firm also stated the factors of unsold apartments to be the unaffordability of buyers due to higher compliance with taxes and amount.
The figure of unsold apartments are accordingly as in the Western suburbs – Andheri, Bandra, Borivli, Dahisar, Goregaon- at 49,462 units, followed by Central suburbs – Kurla, Vidyavihar – with 44,230 units.
Many of real estate developers and sector experts have commented over the issues of GST and demonetisation and had minimally assured that the real estate sector would again build up in the upcoming year ahead.
