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Can under construction flat be sold?

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Can under construction flat be sold?

Yes, you can sell your under-construction property? This is called ‘flipping the property’. Your developer is a party to your agreement: Since you are yet to get possession of your property, the developer will be a party to your agreement and the transaction with your buyer of the property.

What is ready to move?

Ready to move- in property is that property which is complete and is ready for occupancy. When you wish to buy a house and have gathered the funds for the complete payment, you then have the best option of a ready-to-move property.

What is the GST on under construction flats?

However, under GST a single rate of 12\% is applicable on under construction properties whereas no GST is applicable on completed or ready to sale properties only if the Completion Certificate (CC) has been issued.

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What is under construction property?

1 & 2 BHK Starting at ₹ 1.57 Cr* Mahindra Happinest, Palghar 2 Under Construction NEW. Studio and 1 BHK Starting at ₹ 9.95 L* Mahindra Happinest, Palghar 1 Under Construction, Ready to Move in. 1 & 2 BHK Starting at ₹ 21 L*

How do I buy an under construction flat?

Here are the five important things a home buyer must consider:

  1. (1) Is property Rera registered? The biggest risk in buying an under-construction property is a delay in completion.
  2. (2) Check if the builder can be trusted or not.
  3. (3) Builder-buyer agreement.
  4. (4) Changes in the building plan.
  5. (5) Bank loans.

Is GST applicable on ready to move flat?

GST is not applicable on ready-to-move flats. It is applicable to under construction properties. That means flats which construction is completed and occupancy certificate is received.

Who pays GST builder or buyer?

Home buyers in India have to pay a Goods and Services Tax (GST) on the purchase of under-construction properties like flats and apartments at the rate of 1\% for affordable housing and 5\% for non-affordable housing.

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Is GST applicable on ready to move flats?

GST is not applicable on ready-to-move flats. It is applicable to under construction properties. That means flats which construction is completed and occupancy certificate is received. If he is insisting customer to pay GST, then that means the construction is no in a ready-to-move status.