#RealtyNewsRoundUp: 400 Developers Get Notice For Inflated Credit Claims Under GST

Over 400 real estate developers have been sent notices from the Indirect Tax Department for inflating the credit claims under the Goods and Services Tax (GST). The faulting developers will now have to pay a fine of 100 per cent and 18 per cent of interest on the inflated credit claimed by them. Of the many developers, a majority are in the commercial real estate segment operating office complexes and malls.

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The Punjab Cabinet has given its approval to the Punjab Urban Planning and Development Rules-2018. Under the new rules, one could now purchase unlimited floor area ratio (FAR) for group housing, commercial, public office, hotel and industrial buildings, and can now have increased permissible FAR for residential development and educational buildings. Other key features of the Punjab Urban Planning and Development Rules-2018 include a new provision for rental housing/hostel, dhaba, miniplex and multiplex, wholesale trade/warehouse/integrated freight complex, besides increase in commercial use in group housing projects from 0.20 per cent to one per cent of the total area.

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Housing and Urban Affairs Minister Hardeep Singh Puri is positive that the government will able to achieve its target of completing 11 million homes under the ambitious Pradhan Mantri Awas Yojna much before 2022. According to Puri, 4.5 million houses would be sanctioned under the scheme by the end of March. ***

Gurugram’s Taj Nagar area has come under the scanner of the enforcement wing of the Department of Town and Country Planning (DTCP). The wing recently demolished more than 110 structures in five illegal colonies of this area. Not just structures but also some of the colonies’ roads were also removed. According to officials, the colonies have been developed by local builders on 18-acre land without any approvals from the department.

Source: Media reports