September 6, 2025: On 5th September 2025, Haryana’s Chief Minister Mr. Nayab Singh Saini and Union Urban Development Minister, Mr. Manohar Lal Khattar laid the foundation stone of Gurugram metro’s first phase.

“The metro rail project will reduce congestion and pollution in the city. This is a historic day, and this project will transform the transport infrastructure of Gurugram and boost connectivity across NCR,” said Mr. Saini while speaking at Gurugram University auditorium.

A much-awaited infrastructural development in Gurugram, the first phase of the metro, includes the construction of 15.22 km of metro rail viaduct. The first phase, spanning 28.5 km in length, will connect Millennium City Centre to Sector 101 of Gurugram, passing through 13 other stations.

Speaking at the occasion, Union Urban Development Minister, Mr. Manohar Lal Khattar mentioned that the project will cost around Rs. 5,600 crore and will ensure rapid development of Gurugram, Manesar and Faridabad.

Sharing his thoughts about Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd., “The foundation of the Gurugram Metro Expansion Project marks a landmark moment in the city’s growth journey. Metro connectivity is the backbone of any modern urban ecosystem, and this expansion—spanning 15 km with 15 new stations—will ease mobility, decongest traffic, and unlock new opportunities for both businesses and citizens.”

“Along with transformative infrastructure such as the Dwarka Expressway, Southern Peripheral Road, and Sohna Elevated Corridor, this development is set to redefine Gurugram as a seamlessly connected urban hub. Collectively, these projects are not only enhancing the real estate potential of SPR and Dwarka Expressway but also laying the foundation for balanced, sustainable, and inclusive urban growth,” he added.

Talking about this milestone, Tejas Patil, Founder, Arbour Investments, said, “We didn’t rush into Dombivli. Every aspect, from land titles and municipal approvals to RERA registrations and execution timelines, was thoroughly verified before committing capital. For us, it’s not just about building homes; it’s about ensuring integrity at every step.”

Commenting on the partnership, Bhavesh Senghani, Promoter, Maharaja Dream Homes, said, “We have always believed in doing things the right way, even when it’s harder. Arbour recognised that and encouraged us to adopt an institutional approach from the very beginning. This alignment has shaped a partnership committed to timely delivery and building long-term buyer confidence.”

– Arbour Investments, India’s first Capital-to-Consumer platform engineered to institutionalize real estate investment through a proprietary blend of trust engineering, execution architecture, and capital governance systems, has announced a ₹75 crore investment in Balaji Estate Phase 2 and Balaji Uphomes by Maharaja Dream Homes Pvt. Ltd, an established developer with over two decades of experience and more than 1,800 completed homes. This marks Arbour Investments debut in Dombivli, one of Mumbai’s fastest-growing suburbs known for its blend of aspiration and affordability, supported by expanding connectivity and rising housing demand. The investment underscores Arbour Investments commitment to its disciplined approach of detailed due diligence, transparent documentation, and prudent capital deployment

The two phases will deliver over 1,150 homes across 9.25 lakh sq. ft., designed for first-time buyers and working families. Located near Khoni-Taloja Road in Dombivli East, the site offers easy access to the upcoming Manpada Metro Station, Kalyan-Shilphata Road, retail hubs like D-Mart and Lodha Xperia Mall, as well as schools, hospitals, and rail links. This connectivity enhances both the livability and long-term value of the homes.

To ensure accountability from start to finish, Arbour Investments uses its proprietary AIMS (Arbour Investment & Monitoring System) to track legal, technical, and financial parameters throughout the project’s lifecycle. This governance framework is applied consistently across all Arbour Investments, ensuring each project meets the same high standards.

For Maharaja Dream Homes, the partnership is as much about recognition as it is about funding.

Talking about this milestone, Tejas Patil, Founder, Arbour Investments, said, “We didn’t rush into Dombivli. Every aspect, from land titles and municipal approvals to RERA registrations and execution timelines, was thoroughly verified before committing capital. For us, it’s not just about building homes; it’s about ensuring integrity at every step.”
Commenting on the partnership, Bhavesh Senghani, Promoter, Maharaja Dream Homes, said, “We have always believed in doing things the right way, even when it’s harder. Arbour recognised that and encouraged us to adopt an institutional approach from the very beginning. This alignment has shaped a partnership committed to timely delivery and building long-term buyer confidence.”

As construction progresses and sales gain momentum, this debut investment reflects Arbour’s belief that with the right partners and governance, markets can be transformed into lasting communities built on trust and growth.

Flint Consulting was the exclusive Investment Banker for this investment transaction. Flint has been promoted by seasoned Investment Bankers and focuses on Real Estate Transaction Advisory across major markets in India.

New Delhi | September 06, 2025: The demand for Goods and Services Tax (GST) reforms in real estate has been growing since the tax regime was first introduced. While almost every industry sought rationalisation, the housing sector has been among the most vocal. Now, with the government considering GST cuts and restoration of Input Tax Credit (ITC), optimism in real estate is soaring. For millions of homebuyers, this could be the turning point that makes their dream of owning a house more affordable.

At present, key construction materials such as cement, steel, tiles, and sanitary fittings attract GST rates ranging from 18 to 28 percent. Developers pay these taxes but are denied ITC, which inflates the overall project cost by nearly 6–8 percent. This additional burden is eventually passed on to buyers, making homes several lakhs costlier. As a result, affordability has been compromised and housing demand has slowed down in many markets.

Industry experts emphasise that real estate is not just one sector but the backbone of India’s economy, linked to over 200 ancillary industries and generating millions of jobs. Rationalising GST and reinstating ITC is therefore being hailed as a historic step that could cut home prices, revive demand, and boost employment and investment.

How Much Can Buyers Save?

• Cement (Current GST 28%): A 5–10% reduction could lower construction costs by 2–3%.
• Steel (Current GST 18%): A 5% cut can reduce project costs by 1.5–2%.
• Overall impact: Total project costs could drop by 6–8%.
• Direct saving for buyers:
• A 2BHK flat priced at 50–60 lakh could become cheaper by 3–5 lakh.
• Larger homes and villas could see savings of 6–8 lakh.
• Sales boost: Demand is projected to rise by 15–20%.

Multiplier Effect Across NCR and India

Dinesh Gupta, President, CREDAI Western UP, says:
“GST reforms will have a multiplier effect across the real estate market. A 5–10% reduction in cement (28%) and steel (18%), combined with restoration of ITC, can reduce project costs by up to 8%. For a 2BHK apartment, this means direct savings of 3–5 lakh, while larger homes can save up to 8 lakh. Our analysis shows that such reforms could increase sales by 15–20% and bring the NCR as well as the national housing market back on track.”

Rising Costs and the ITC Problem

Suresh Garg, CMD, Nirala World, highlights:
“Builders pay GST on materials such as cement (28%) and steel (18%), but are denied ITC. This inflates project costs by 6–8%. If the government reduces GST and restores ITC, home prices could fall by nearly 10%, giving direct relief to buyers.”

Vikas Pundir, CMD, SKB Group, adds:
“The proposed GST reforms will be a game-changer for real estate. Lower taxes on construction materials will reduce project costs by 3–5%, especially benefiting the affordable housing segment. A simplified tax structure will also build buyer confidence and encourage first-time homeowners.”

Lower Prices Will Drive Sales

Shailendra Sharma, Chairman, Renox Group, observes:
“The recent move to reduce GST by up to 10% on key raw materials such as cement is very encouraging. This will prove to be a long-term positive for the sector. Lower taxation will ease the burden on homebuyers, accelerate sales, and allow developers to control prices while increasing supply.”

Not Just Tax Cuts, ITC Restoration is Key

Lt. Col. Ashwini Nagpal (Retd.), COO, Diligent Builders, stresses:
“Reducing GST on critical materials such as cement to 18% is welcome, but the real boost will come from restoring ITC. Without credit, a large part of costs remains locked, keeping property prices artificially high. If ITC is allowed, the sector will operate with greater efficiency and pass the benefits directly to buyers.”

Luxury Housing May Face a Challenge

While GST cuts benefit mass housing, the proposed 40% GST rate on high-end interiors could hurt the ultra-luxury segment, particularly in Gurgaon.

Gaurav Sobti, Founder, Homegram, warns:
“The proposed 40% GST on ultra-luxury interiors is a major concern. Currently, high-quality interiors already attract 28% GST, and a 12% hike could add nearly 12 lakh to the cost of a 5 crore apartment with 1 crore spent on interiors. This may weaken demand as buyers face higher costs, and developers may be forced to compromise on quality or sell bare-shell units. However, reducing GST on cement from 28% to 18% and implementing a two-slab tax structure could offset some of this burden, simplify compliance, and ensure long-term stability.”

The Bottom Line

With GST rationalisation and ITC restoration on the horizon, real estate could witness one of its most significant policy-driven turnarounds in recent years. From affordable housing to premium projects, buyers are set to gain through lower prices and greater transparency, while developers expect faster sales and improved liquidity. If implemented effectively, GST reforms could put the Indian housing market firmly back on a growth trajectory.