Realty stocks up as govt lowers GST rates on under-construction properties

Shares of real estate developers surged in the early morning trade on the National Stock Exchange (NSE) after the Goods and Services Tax (GST) Council at its meeting on Sunday reduced the GST rate on under-construction houses. 

For flats priced more than Rs 45 lakh, the new GST rate applicable from April 1, 2019, stands at 5 per cent, against 12 per cent, earlier. 

The Council also cut GST rates on affordable housing to 1 per cent, from the current 8 per cent — less than what the ministerial panel on real estate had suggested. In both cases, the builders