New Delhi, July 30 -- In India's constantly changing real estate industry, policy clarity is needed to spur homebuyer confidence and investment intentions. One of the most important decision-making authorities is the Goods and Services Tax (GST) Council, whose decisions have a direct bearing on construction expenses for builders and, in turn, the amount paid by homebuyers. The recent postponement of pending GST Council meetings is creating uncertainty, particularly for intending buyers already apprehensive about prevailing pricing volatilities.

The GST system was brought in to bring together several indirect taxes and their various cascading effects under one streamlined system. In the realm of real estate, it works for ongoing projects...