Affordable Houses in Hinjawadi
Pune’s affordable houses are allowing a better liveability. Opting for a new house requires a vital combination of the price as well as the locality of the property. Ideally one should go for areas with higher rental demands, such as IT ITes hubs. In Pune Hinjawadi is one of the eminent locations of the type. Also it holds value for money investment properties for the long run.
Hinjawadi is a suburb located in Pune, mainly known for Rajiv Gandhi InfoTech Park. This 2800 acre land comprises hundreds of companies of various sizes in it. Due to rapid development Hinjawadi is facing serious traffic problems in the peak hours i.e. between 8 am to 12 pm. About 3-5 Lacs employees travel daily to and fro from the park.
MIDC (Maharashtra Industrial Development Corporation) has currently installed 22 surveillance cameras
to monitor six junctions at the IT park, which is not enough. If you’re working in one of the companies at
the IT park, you’d definitely need an affordable house in Hinjawadi in order to reduce your commute-
time to the minimum. Large-scale housing projects that are affordable are sure to help.
Role of GST:
W.e.f. 1 st of July, 2017 GST in real estate has allowed the developers to reduce the land value equivalent to one third of the total amount which was being charged earlier. It has helped the developers to pass on the input tax benefits to the customers.
GST has been hiked from 12% to 18% with zero affect on the overall tax payable prior to GST. This is possible because now the tax will be only charged on two-thirds of the under construction property value. Therefore, the tax payable will come up to 12% on the entire value of the property, which was announced earlier. Whereas the GST on the one third reduction of the land value would be 12% only, which is the right treatment, says Vinod Menon, director and CEO, Citrus Ventures.
However with pre-GST effective, the VAT + service tax which were 9 percent, is still to be paid 3 percent. Thus the overall impact of GST will be tax neutral and full of gains for the affordable housing sector.
Pune’s affordable houses are thus allowing a better liveability at a convenient cost. Lower budget segments will remain in spotlight. If not for the end use one can always investment in the one to get favourable returns from the property.