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Mr. Atul Chordia - Chairman, Panchshil Realty talks on GST & its impact on property price

Mr. Atul Chordia - Chairman, Panchshil Realty Talks On GST & Its Impact On Property Price

"We only have completed and near ready projects in our portfolio. For our near ready projects we will be paying GST at 12% but on the cost of construction. This for Panchshil is usually higher than the industry as we tend to use best-in-industry materials, much of which will fall under the 28% slab. Panchshil products are also known for their extensive use of global technology inside the residences, which will now come under a higher 18% slab.

For our completed projects and ready-to-move-in residences, GST will not be applicable.

However, taxes have little or no impact on buying decisions in luxury residential as HNI buyers are usually interested in global products, concept homes and prestige addresses like Panchshil Towers, Yoopune and Trump Towers among others.

The long-run benefits of GST in the sector are obvious. For long, quality players have been overburdened with the cost of tax compliance which will now ease a little along the value chain and help us pass on some benefits to our discerning customer base."

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