#RealtyNewsRoundup: GST To Roll Out From July 1 [Video]
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Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.
India will roll out the goods and services tax (GST) from July 1 following a breakthrough over tax administration issues after the Centre accommodated states' concerns. Union Finance Minister Arun Jaitley said under the proposed tax regime, 90 per cent of all assessees with a turnover of Rs 1.5 crore or less will be assessed for scrutiny and audit by state authorities while the remaining 10 per cent by the Centre. Above that limit, Centre and states will assess in a 50:50 ratio.
After the government announced an interest subsidy under the Pradhan Mantri Awaas Yojna, realty firm Signature Global will invest Rs 500 crore to develop two affordable housing projects in Gurgaon. The company launched two affordable housing projects comprising 2,405 units in a price range of Rs 18-24 lakh recently.
The Ministry of Civil Aviation has given the security clearance to billionaire Prem Watsa's proposed investment in the GVK-led Bangalore International Airport (BIAL). India-born Watsa's Toronto-based Fairfax Group had in March last year, announced its decision to buy a 33 per cent stake in BIAL from GVK Group for Rs 2,149 crore. GVK had said the sale was one of its fund-raising steps to reduce debt.
Karnataka is planning to adopt the Gujarat town-planning model to solve the problem of escalating land cost, in addition to easing the land acquisition process. Under the Gujarat model, land that belongs to different owners is pooled together by the local development authority, before developing layouts or townships. The sites are subsequently redistributed among the owners. The plan is that the local authorities would retain at least 10 per cent of the developed land for revenue generation.
Source: Media reports