March may be the worst FY19 month for realtors as homebuyers delay payments

This March could be a washout for property developers as many homebuyers are delaying their construction-linked payments to April after the government reduced the goods and services tax (GST) rates on under-construction properties, but made it applicable from April 1.

According to sources, collections of developers in March have come down by 60-80 per cent due to this.
 

Last month, the GST Council reduced GST on under-construction properties, from 12 per cent to 5 per cent for under-construction properties and cut GST rates on affordable housing from the current 8 per cent to 1 per cent.

“In affordable housing,