Realty Bites: GST infused respectability

Real estate was once a mismanaged sector with rampant corruption, tax evasion and hordes of consumer grievances. While regulators brought relief to aggrieved home-buyers, GST infused respectability by reducing dependence on the parallel economy. Most changes put the house in order, but a fledgeling global geopolitical situation and local economic woes have compounded troubles. An expectation of stakeholders is a broader definition of affordable housing at lower GST rates.

—Gulam Zia, executive director, Knight Frank India