#WeeklyNewsRoundup: In A First, Huda To Auction Residential Plots
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Weekly News Roundup is PropGuide's selection of the week's top stories from the real estate sector.
To mop up revenue, cash-strapped Haryana Urban Development Authority (Huda) will for the first time auction residential plots in the city and allot them to the highest bidder. Earlier, the development authority used a lucky-draw policy for doing this. The present move is aimed at generating higher revenue.
The Goods and Services Tax Council decided on the four-tier structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury items. Mass-market homes are expected to fall under the 5 per cent slab.
The Benami Transactions (Prohibition) Amendment Act, 2016, came into effect on November 1. Designed to curb unaccounted money, the new law provides for up to seven years' imprisonment and fine for those indulging in benami transactions. The benami property refers to property purchased by a person in the name of some other person. Under the Act, properties held benami are liable for confiscation by the government, without payment of compensation.
With an aim to ease the process and increase the number of applications, the Central government has allowed online applications for affordable homes under the Pradhan Mantri Awas Yojana (Urban) from November 3. As many as 60,000 common services centres located in urban areas will enable online submission of applications at Rs 25 per application. Around 13.70 lakh urban poor were sanctioned affordable houses in the past one decade.