#RealtyNewsRoundup: GST Bill Gets President Pranab Mukherjee Nod

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

The Goods and Services Tax (GST) became a law after President Pranab Mukherjee gave his assent to the bill which was ratified by more than 50 per cent state assemblies. The move has set the stage for the formation of GST Council which will work out the modalities of the law. The government is looking to implement the new tax regime from April 1, 2017.

In an attempt to recover tax from developers prior to April 1, 2014, the Haryana government has introduced the scheme 'Haryana Alternative Tax Compliance Scheme for Contractors, 2016'. The scheme will also benefit customers as it will offer finality and eliminate the uncertainty about the payable tax. The state is expecting to generate revenue of Rs 500 crore from the proposed tax-recovery.

The Pune Municipal Corporation (PMC) will reserve five per cent of its commercial properties on rent for the physically challenged. The civic body owns 4000-odd properties at prime locations which have been reserved for hospitals, community halls, libraries, schools and other amenities.

A week after Uttar Pradesh chief minister Akhilesh Yadav handed over provisional allotment of land to Micromax in Greater Noida, Gionee, one of China's largest mobile phone manufacturers, has shown interest in setting up its manufacturing unit near the Yamuna Expressway Industrial Development Authority (YEIDA).

Source: Media reports