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GST Notices in Real Estate, Are You Prepared? In the recent regulatory environment, the real estate sector has become a key focus area for GST authorities, driven by increased data analytics, system-based scrutiny, and cross-verification with external databases such as RERA, Income Tax, and financial statements. Builders and developers must clearly understand that GST compliance is no longer a procedural requirement—it is a risk management function impacting cash flow, project profitability, and legal exposure. Key Areas Where Builders Are Receiving Notices: 1. Mismatch in GST Returns (GSTR-1 vs GSTR-3B) Authorities are actively tracking differences between outward supplies reported and tax actually paid. Even minor mismatches can trigger notices. Even timing differences or amendment errors are leading to automated notices under Section 61 / 73 / 74 Impact: Demand for tax, interest, and penalty. 2. Incorrect GST Rate Application Confusion between 1%, 5%, and 18% GST rates—especially in cases of affordable housing, commercial units, and mixed projects—is a common issue. Impact: Short payment of GST leading to retrospective liability. 3. ITC Reversal on Unsold Inventory (Critical Area) As per Notification No. 03/2019-CTR and Rule 42 & 43 of CGST Rules ITC attributable to unsold units at the time of OC (Completion Certificate) must be reversed. Many builders fail to correctly reverse Input Tax Credit (ITC) related to unsold units at the time of completion certificate (OC). Impact: Significant tax liability arises at project completion stage, when cash inflow is already reduced 4. Non-Compliance under Reverse Charge Mechanism (RCM) RCM on unregistered purchases and development rights (JDA transactions) is often overlooked. Impact: Hidden liabilities identified during assessment. 5. Data Mismatch with RERA and Books Differences in revenue recognition between GST returns, financial statements, and RERA filings are increasingly being scrutinized. Impact: Detailed audits and extended litigation. Why Builders Need to Act Proactively? A common mistake observed is that builders respond to notices only after receiving them, rather than focusing on preventive compliance. In today’s environment, departmental systems are fully data-driven, and any inconsistency is quickly flagged. Therefore, waiting for notice is no longer a strategy—it is a risk. Practical Steps to Stay Prepared Builders should implement monthly reconciliation of GSTR-1, GSTR-3B, and books to avoid mismatches and notices. It is essential to conduct project-wise GST review with correct rate applicability and ensure timely ITC tracking and reversal, especially at the time of completion. Further, maintaining proper documentation (agreements, invoices, cost records) and ensuring alignment between GST returns, financial statements, and RERA disclosures is critical to reduce litigation risk and ensure smooth compliance. CA PAVAN JOSHI Chartered Accountant, P N Joshi & Co. pavan@capnjoshi.com +91 96231 22037

Tucked away in Shaniwar Peth along the Mutha River, the Omkareshwar Temple is a profound landmark of Pune’s architectural mastery and spiritual legacy. Constructed in the mid-18th century, it stands as a silent witness to the Maratha Empire’s evolution, offering a sanctuary of peace amidst the city’s modern bustle. The Foundation and Divine Treasure The temple’s origin is a blend of history and folklore. In 1736, Shivaram Bhat, the spiritual guide to the Peshwas, discovered a hidden treasure while digging a well for his home. Demonstrating immense integrity, he surrendered the gold to Peshwa Bajirao I. Impressed, the Peshwa and his brother, Chimaji Appa, contributed further funds, directing Bhat to construct a grand Shiva temple. Built between 1740 and 1760 during the reign of Nanasaheb Peshwa, the structure was raised with a deep sense of cosmic purpose. Historically, the grounds held a solemn air as a cremation site for prominent Peshwa figures. Its resilience was famously tested during the 1961 Panshet flood. While the deluge destroyed much of old Pune and submerged the sanctum, the temple’s robust stone masonry remained unshaken—a powerful symbol of endurance. A Revolutionary Hub In the late 19th century, the temple evolved into a critical clandestine base for the Indian Freedom Struggle. Secret Meetings: Hidden within the central dome is a Talim (gymnasium) where leaders like Lokmanya Tilak and Veer Savarkar met secretly to evade British surveillance. Public Defiance: The grounds became a site of resistance in 1906, when Savarkar organized a famous bonfire of foreign goods to protest colonial rule. The Craftsmanship of the Peshwa Dynasty Architecturally, Omkareshwar is a sophisticated fusion of classical Nagara elements and local Maratha design. It prioritizes a sturdy, fortress-inspired aesthetic over lavish decoration, radiating solemn authority. The Nandi Pavilion: At the entrance, worshippers encounter a colossal, finely detailed Nandi. Resting under a solid stone canopy, the bull’s massive proportions evoke immense spiritual gravity. The Ornamented Spire: A magnificent Shikhar crowns the temple, featuring intricate stucco work and carvings of Hindu deities. Its ivory-toned finish creates a striking visual contrast against the dark, aged basalt base. Cross-Cultural Corridors: A distinctive feature is the wide, pillared porch. Its arched entries and vaulted ceilings reflect the Indo-Islamic influences that permeated Maratha architecture during this era. The Heart of the Shrine: The Garbhagriha (inner sanctum) houses the sacred Shiva Lingam. Enclosed by heavy masonry, the chamber remains naturally cool and silent, providing an ideal setting for meditation. A Living Heritage Hub Today, Omkareshwar is more than a historical relic; it is a vital artery of Pune’s cultural identity. During Mahashivratri, the temple transforms into a radiant epicentre of devotion, echoing with ancient hymns. For students of history and design, it remains a definitive model of 18th-century artistry—a place where the very masonry narrates a story of enduring faith. Dr. Sudhir Ramesh Deshpande Associate Professor, SMEF’s Brick School of Architecture, Pune sudhirdeshpande@brick.edu.in +91 77760 14153

Pune Leads India’s Housing Market with Record Sales and Rising Premium Demand I am delighted to present yet another groundbreaking research report by CRE Matrix in collaboration with CREDAI Pune. The findings reaffirm Pune’s position as one of India’s most dynamic and resilient housing markets. Once again, the city has emerged as a national leader, recording the highest housing unit sales among all major metropolitan regions, with approximately 81,000 units sold. This remarkable achievement reflects not only sustained demand but also the enduring confidence that homebuyers place in Pune’s real estate ecosystem. While overall sales volumes have moderated compared to the unprecedented highs witnessed over the past three years, this recalibration has been largely concentrated within the lower and mid-income segments. In contrast, the luxury and ultra-luxury categories have continued their upward trajectory, registering consistent and encouraging growth. This trend clearly signals Pune’s gradual yet definitive transition toward premium residential living, driven by evolving buyer aspirations, lifestyle upgrades, and higher disposable incomes. The structural transformation of the market is further evident in the strong appreciation in transaction values. Over the last four years, the annual value of housing units sold has surged by an impressive 70%—from INR 37,000 crores in 2021 to INR 63,000 crores in 2025. This significant rise underscores not only the city’s economic maturity but also the increasing purchasing power of its homebuyers. Together, these indicators highlight Pune’s emergence as a premium residential hub, well-positioned for sustained and value-driven growth in the years ahead.  

R-ISHA SECURETECH PVT. LTD. Engineering Intelligent Security. Empowering Confident Futures. For over two decades, R-Isha Securetech Pvt. Ltd. has been at the forefront of the electronic security and CCTV industry, delivering intelligent, integrated, and future-ready solutions across Maharashtra. Built on a foundation of trust, technology, and transparency, the company has evolved into a comprehensive CCTV, Security Management and System Integration enterprise—serving retail, banking, infrastructure, healthcare, hospitality, and residential sectors with precision and professionalism. Legacy of Visionary Leadership Established on 1st January 2003 as Isha Enterprises, the organization was founded by Mr. Rahul Mutha, whose decade-long cross-industry experience shaped a bold vision: to create a company that would set benchmarks in quality, service, and structured growth. Beginning with Project Consulting, the company pioneered the concept of organized distribution in the CCTV and electronic security industry. A defining milestone was achieved in 2011, with its first major distribution association with Hikvision—laying the groundwork for large-scale expansion. Marking 25 years of excellence & transformation, the company entered a new corporate phase on 1st January 2024, officially transitioning into R-Isha Securetech Pvt. Ltd.—reflecting its strengthened governance, scalability, and long-term strategic direction. Proven Market Impact Our achievements represent measurable trust and sustained performance: 500+ Retail & Commercial Installations 150+ Banking & Financial Institutions Secured 100+ Hospitality & Residential Projects Delivered 200+ Public Infrastructure Implementations 50+ Healthcare & Hospital Installations These numbers signify more than deployments—they reflect enduring partnerships, operational excellence, and uncompromised quality. Comprehensive Security & Technology Portfolio R-Isha Securetech offers end-to-end Consulting, Sales, Integration, and Lifecycle Support across: Surveillance & Monitoring Advanced CCTV Surveillance Systems Video Door Phone & Multi-Apartment Systems Video Walls, LED Displays & Signage Solutions Surveillance Storage & Hard Disk Solutions Time & Access Control Biometric Time & Access Control Systems Boom Barriers & Turnstiles, Metal Detectors Safety & Protection Fire, Intruder & Burglar Alarm Systems Public Address / Speaker Systems Communication & Automation EPABX / IP Intercom Systems Home & Gate Automation Systems IT & Enterprise Solutions POE Switches & Networking Infrastructure Server Racks & Accessories ERP – Accounting & Billing Software IW Smart TVs, LED Walls & Display Solutions We provide turnkey execution including Design, Installation, Commissioning, Preventive Maintenance, and Annual Maintenance Contracts (AMC)—ensuring long-term reliability and operational continuity. Strong Distribution Network R-Isha Securetech is a trusted distributor and integration partner for 15+ renowned national and international brands, offering globally recognized, high-performance solutions. Our key distribution and technology partners include: Hikvision, PRAMA, IMPACT by Honeywell, Western Digital, Bosch, NETGEAR, eSSL, Ravel, Samsung, Matrix, Legrand, IW TV, Account GST, ViewSonic, Qubo, Voltaic Cable, Micro Power Our operations are strategically headquartered in Pune, with branch offices in Kolhapur and Nashik, enabling seamless service delivery and regional market expansion across Maharashtra. Our Commitment We do not compromise on quality—whether in product selection, system design, or service delivery. Every project reflects our commitment to technical precision, ethical practices, and customer-centric solutions. Our journey has been shaped by resilience, innovation, and responsibility. As technology evolves, so do we—continuously adapting to deliver intelligent, secure, and future-ready environments. Rahul Mutha MD, R-Isha Securetech Pvt. Ltd. +91 72729 71515 rahul@ishacctv.com

A New Milestone in Urban Mobility and Infrastructure Pune, one of India’s fastest-growing urban centers, is taking a significant leap toward sustainable and efficient public transportation with the inauguration of the Metro Bhavan, the administrative headquarters of the Pune Metro project. The facility was inaugurated by Maharashtra Chief Minister Devendra Fadnavis, marking an important milestone in the city’s journey toward becoming a modern, well-connected metropolis. The Pune Metro project has already begun transforming the city’s public transport landscape. With an increasing number of daily commuters—currently around 250,000 passengers—the metro system has received an enthusiastic response from citizens. It has not only eased traffic congestion but also offered a reliable and eco-friendly alternative to traditional modes of transport. Speaking at the inauguration, Chief Minister Fadnavis emphasized the government’s vision to expand Pune’s metro network to nearly 200 kilometers in the future. This ambitious plan will integrate key regions, including the Pune Municipal Corporation (PMC), Pimpri-Chinchwad Municipal Corporation (PCMC), and Pune Metropolitan Region Development Authority (PMRDA) areas. The goal is to create a seamless and comprehensive urban transit system that supports the city’s rapid expansion and growing population. Metro Bhavan itself is more than just an administrative building—it stands as a symbol of Pune’s progress and forward-thinking approach. Designed with modern architecture and sustainability in mind, the structure reflects a blend of functionality and aesthetics. The building includes a spacious reception area, a cultural installation showcasing Pune’s rich heritage, and an experience center where visitors can explore models and details of the metro network. Equipped with a 312-seat auditorium and advanced operational facilities such as backup control centers, signaling, and telecommunication systems, Metro Bhavan is poised to enhance the efficiency and coordination of metro operations. Its glass façade allows ample natural light, making the building energy-efficient and environmentally friendly—an essential feature for modern infrastructure projects. The Pune Metro project is notable not only for its scale but also for its speed of execution. Despite initial delays, the project has progressed rapidly and is now considered one of the fastest-completed metro initiatives in the country. The system boasts state-of-the-art station designs, multimodal connectivity, and passenger-friendly amenities, all of which contribute to a superior commuting experience. Looking ahead, several new metro corridors are being prioritized, including routes such as Swargate to Katraj, Pimpri-Chinchwad to Bhakti Shakti Chowk, and Hadapsar to Saswad. There are also plans to connect key growth centers like the Pune Airport and Chakan MIDC, further strengthening the city’s economic and industrial backbone. The broader vision behind these developments is to create a congestion-free, sustainable urban environment. By integrating underground, elevated, and surface-level transport systems, the government aims to build a robust infrastructure that meets the demands of future urbanization. In conclusion, the inauguration of Metro Bhavan is not just a ceremonial event—it represents Pune’s commitment to modern urban planning, sustainable growth, and improved quality of life for its citizens. As the metro network expands, it will play a crucial role in shaping Pune into a smarter, more connected city.

Bengaluru emerges as a realty hotspot as the city, for the first time, records the highest sales and supply among top 9 cities. Delhi-NCR recorded the highest growth in sales and supply amongst top 9 cities on a Y-o-Y basis.National, March XX, 2026: The housing sales in India’s top 9 cities continued to decline in Q1 (January-March) 2026, falling below the 1 lakh unit mark after 18 quarters, owing to fewer supply across most major cities. According to NSE-listed real estate data analytics company PropEquity, housing sales fell by 13% YoY and 6% QoQ to 98,761 units while launches fell by 19% YoY and 8% QoQ to 92,411 units in January-March 2026. Bengaluru, with sales of 17,991 units, emerged as the highest selling market. The city recorded 16% QoQ and 3% YoY growth. Delhi-NCR with 12,141 units recorded 13% YoY growth. However, on QoQ basis, sales fell by 1%. All other cities saw a decline in sales. Samir Jasuja, Founder & CEO, PropEquity said, “Housing sales continued to moderate in the first quarter of 2026 with Delhi-NCR and Bengaluru emerging as outliers. This reduction is on account of low supply across most cities. Close to 22,000 lesser units were supplied in Q1 2026 as compared to the same period last year.” On the supply front, Delhi-NCR with 17,227 units launched in Q1, has come of age to emerge as the second biggest market. Amongst the top 9 cities, Delhi-NCR remains the only city to record 89% YoY and 8% QoQ growth. Bengaluru with 17782 units launched regained the top spot recording 10% QoQ growth and 24% YoY decline. Chennai, meanwhile, with 2909 units saw 12% QoQ growth and 62% YoY decline in supply. All other cities saw a decline in new launches. Jasuja added, “While Delhi-NCR and Bengaluru saw similar level of housing supply in Q1, the former witnessed lesser absorption as compared to the latter as high-ticket launches impacted the sales in Delhi-NCR. Also, it is for the first time post-covid that Delhi-NCR has seen more supply than Pune, Hyderabad and Thane – the traditional high supply markets.”   Samir Jasuja Founder and CEO, PropEquity samirjasuja@gmail.com +91 87438 08789