#RealtyNewsRoundup: Cabinet Nod To Setting Up Of GST Council

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

With the Union Cabinet approving the establishment of GST (Goods and Services Tax) Council, India became one step closer to roll out the new regime. The council, which will decide on the rate, exemptions, threshold and relevant legislation by November 22, will be chaired by Finance Minister Arun Jaitley.

The Uttar Pradesh government gave legal sanction to societies to collect maintenance charges through the pre-paid electric meters with a cap on the limit up to which these collections could be made. After a revision in the Uttar Pradesh Apartment (Promotion of Construction, Ownership and Maintenance) (Amendment) Act, 2015, developers are duty-bound to permit the formation of RWAs and hand over the interest-free maintenance security to the RWA, failing which they will be jailed.

To raise Rs 7,000 crore, Indiabulls Housing Finance will launch its maiden issue of non-convertible debentures (NCDs) for retail customers on September 15. The company is coming up with a public issue to diversify its borrowings and reduce the cost of funds.

The Cabinet has approved a memorandum of understanding (MoU) which was signed between India and Kenya on the cooperation in the field of national housing policy development and management. The pact between the two countries will focus on upscaling slums and sharing information on housing and real estate data.

Source: Media reports