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23 November 2016
The white paper explores the nuances of the impact of GST and Real Estate (Regulation and Development) Act 2016 on the real estate sector and examines specifically if there are any issues that could cause ambiguities or discrepancies in the sector.
GST contributes towards normalizing the tax incidence on the same good or service across different states and removing taxation on interstate movements – it is very likely that the warehousing and logistics sector will stand to gain in this process, since placement of possibly larger warehousing and logistics hubs will depend almost entirely on transportation and connectivity, as opposed to being influenced by incidence of intestate taxation.
The Real Estate (Regulation & Development) Act 2016 is a step in the direction of regulating what was up till now inadequately regulated. The Act still leaves several gaps that have to be addressed before the law can effectively perform as a framework for accountability through which both purchasers and developers can expect fairness. The Act will have a long lasting impact on the real estate sector and will help in ensuring that real estate projects get completed on time. Provisions in the Act such as imposition of similar penal interest for developers and homebuyers will incentivize timely delivery of projects, says the white paper.
The white paper was released during the second session of the conference, ‘Future friendly foes: How GST & RERA would impact the real estate market?’ The session moderator was Neeraj Bansal MRICS, Partner & Head, Building, Construction & Real Estate, KPMG, India. The panelists included Ashish N. Shah MRICS, Rohit Gera, Saachketh Chawla MRICS, Sandeep Dave, Sandeep Jhunjhunwala and Niren Shethia. The session entailed discussion about the accountability of various government authorities for delays in approvals and treatment of ongoing projects, focusing on consumer disputes. The key contentions included role of regulatory authorities in regulating the validity & omissions of approvals. Also, the session discussed the cause of pre-existence of the ‘reconciliation of land laws and apartment ownership act’ within state with the new law and extension of its applicability.
View press release here.
About the conference
The RICS conference titled 'The Turning Point of Built Environment in the Perform or Perish economy' was organized to showcase the changing landscape of the Indian Built Environment. The conference was hosted at Taj Lands End, Mumbai. Dignitaries from the ministry, along with eminent industry leaders graced the occasion. The conference encompassed debates on some of the most pressing & prominent themes that will shape the future of built environment.
Session 1: Inauguration & launch of RICS School of Built Environment, Amity University, Mumbai.
Session 2: Future friendly foes: How would GST & RERA impact the real estate market? - A white paper release
Session 3: Digital disruption dawns: How is PropTech changing the rules of the game?
Session 4: 3Ds [Density, Diversity, Distance] of Transit Oriented Development: Planning & implementation of Transit Oriented Development of India.
Session 5: The Heroes & Sheroes: View from the top on diversity, leadership and talent. - A high powered TV debate on Magic Bricks Now.