Planning to buy a home under CLSS scheme?
GST is the consolidated tax applied on all the sectors of the economy. Already the real estate domain has the VAT and service taxes on them and GST is the new inclusion.
There is a good news to cheer up to the home buyers of Sobha Dream Gardens who purchase the property under the Credit Linked Subsidy Scheme (CLSS). CLSS is an initiative under Pradhan Mantri Awas Yojana (PMAY) that aims to provide housing solution to all. The beneficiaries under this scheme include people from Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle Income Group (MIG).
The government has announced in the recent budget 2018 to decrease the GST rates from 12% to 8% on the property brought under CLSS scheme.
Buy your dream property and avail benefits under CLSS Scheme
ClSS lets the buyers now only to enjoy the interest subsidy but also lets them have the decreased GST rate of 8% under the affordable housing sector. These benefits can be enjoyed by Economically Weaker Section (EWS) / Lower Income Group (LIG) / Middle Income Group-1 (MlG-1) / Middle Income Group-2 (MlG-2) under the Housing for All (Urban) Mission/Pradhan Mantri Awas Yojana (Urban) and affordable houses up to a carpet area of 60 square metre per house and the housing project given infrastructure status by Ministry of Housing & Urban Affairs under the same discount price.
Beneficiaries should have the maximum annual income of 18 Lakhs to avail CLSS benefits.
Developers can also enjoy the benefit on the affordable housing projects with less GST rate of 8% after deducting the land value.
Credit-Linked Subsidy Scheme can also be applicable for the housing loans availed for new construction of the house and for the addition of kitchen, rooms, toilet attached to the existing dwellings.
Carpet Area for each income group is fixed:
- 30 square meter for Economically Weaker section
- 60 square meter for Lower Income Group
- 120 square meter for Middle Income Group-1
- 150 square meter for Middle Income Group-2
Make sure that the benefit of Input Tax Credit is passed on to you by the developers
Always choose a trustable and transparent builder having wide experience in the construction field. A reputed builder like Sobha Developers ensures that you are benefited from all the corners while you by your dream unit with them.
Sobha Dream Gardens is one such prominent residential project developed by the Sobha developers in the prime area of Kannur Road, Bellahalli, North Bangalore.
Sobha Dream Gardens Bellahalli property is a RERA approved residential property with 1 BHK, 2 BHK, and 2 BHK Large units. Sobha Dream Gardens Bellahalli project is in close proximity to many IT or ITES establishments and is also a just a few minutes drive from the Colleges, Malls, Hospitals, and Schools for the ease of commute of the residents.
Sobha Dream Gardens is spread over 18 acres of vast land to accommodate all the abodes spaciously with a plethora of amenities to indulge the buyers. It includes various amenities like swimming pool, gym, clubhouse, kid’s play area, car parking, senior citizen park, tennis court, skating rink, multi-purpose hall, meditation room, Jacuzzi Steam Sauna, Indoor games area, Amphi – theatre and a meditation hall for overall wellness.