Cut in service tax
Real Estate

Cut in service tax

The service tax abatement availed by real estate developers for homes and flats above 2,000 sq ft or costing Rs 1 crore and above has been reduced to 70 per cent from 75 per cent earlier in the Union Budget. With this, luxury homes for the rich will become more expensive. Buyers in Tier-II and -III cities will not be affected much as not many projects fall in this category. However, buyers in metros like Mumbai and Delhi, will be affected.

The service tax abatement availed by real estate developers for homes and flats above 2,000 sq ft or costing Rs 1 crore and above has been reduced to 70 per cent from 75 per cent earlier in the Union Budget. With this, luxury homes for the rich will become more expensive. Buyers in Tier-II and -III cities will not be affected much as not many projects fall in this category. However, buyers in metros like Mumbai and Delhi, will be affected.

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