#RealtyNewsRoundUp: Builders Expect GST Council To Slash Rate For Real Estate
Description
Real estate developers expect the GST (goods and services tax) Council to allow input tax credit on under-construction properties when it meets on January 10. Developers also want the council to bring the effective rate on property transaction to five per cent from the current 12 per cent.
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Stating that a December-4 order of the Ghaziabad District Administration that stooped land registries in illegal colonies is against the law, the Allahabad High Court has quashed the decision. The court order opens the doors for land deals in as many as 321 colonies to get registered.
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Prime Minister Narendra Modi on January 9 launched Rs 3,168 crore worth of infrastructure and housing projects in Maharashtra's Solapur. Among other projects, the prime minister would lay the foundation stone for a Rs 1,811.33-crore housing project, under which 30,000 homes would be built.
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The South Delhi Municipal Corporation (SDMC) has approved an amnesty scheme under which it would offer full waiver on interest, penalty and other charges on payment of due property tax till March 31. The waiver is applicable on all categories of properties in every type of colony.
Source: Media reports