Iconic Galaxy says buyers need to home-in now before VAT effect
Feb 02, 2018 – Is it a good time to buy a house? This is the perennial question on the minds of homebuyers. But this question assumes significance as Sri Lanka moves to a new tax regime in relation to condominiums where a 15% Value Added Tax on apartment purchases would come into effect from 1 April. Leading real estate developer, Iconic Developments says that the next two months will be the window of opportunity for prospective buyers.
Following the implementation of this tax, Iconic Developments Executive Director Pranav Desai says the price of apartments will edge up significantly and if one is looking to buy a home, now’s the best time.
“The intention of VAT is to bring in efficiency in the entire tax system, and its implementation will see some teething issues. But eventually it will pave the way for an extremely efficient tax system for the country. VAT is expected to boost GDP growth and bring in conformity to a tax regime,” noted Desai.
Accessible from many routes and located in the prime of Rajagiriya, Iconic Galaxy presents itself as the ideal urban home. With Rajagiriya blossoming into an urban metropolis with a booming infrastructure, industry and housing, real estate becomes a crucial aspect of the development agenda.
Iconic Galaxy, accessible from two roads in Rajagiriya and perched on the trunk route of Buthgamuwa Road, will have 261, super-luxury, two, three and four bed-roomed apartments amidst a plethora of world class amenities and services to compliment the lifestyles of the buyers. Iconic Galaxy, spread in an area of a little over 2 acres of land (over 87,000 square feet), will offer customers all the trappings of high-end living at affordable prices.
The property’s enviable location has very easy access to the airport expressway, Colombo Fort and the southern expressway. Key features of Iconic developments are its progressive design and aesthetics, offering a host of features like ample car parking, hazard free underground cabling, 100% power backup and water supply. Over all, Iconic Galaxy will be exclusive, self-sustained, environment friendly residences for the elite, uniquely configured and elegantly landscaped, providing an ideal ambience for modern day living, it is more than a luxurious address, it is a lifestyle statement.