India, Sept. 8 -- In its 56th meeting, the GST Council rolled out a new two-slab structure of 5% and 18%, terming it a Diwali bonanza for consumers. With rates on cement, marble, granite, fly ash bricks, and boards lowered, construction material costs are set to ease, potentially reducing home prices if developers pass on the benefit. But how much will individual homebuilders really save? And will building on an owned plot turn out cheaper than buying an apartment in a housing society? Let's find out.

The recent GST reforms have addressed the long standing demand of the real-estate and infrastructure sector to reduce the rate of cement taxed at 28% which was punitive for the sector. "Reduction of the rate of cement from 28% to 18% will h...