#RealtyNewsRoundup: GST Council Approves Draft Law On Compensation To States
Prospects of a rollout of the Goods and Services Tax (GST) by July 1 got a boost Monday with the GST Council approving a draft law that seeks to compensate states fully in case of a loss in revenue as a direct result of the tax reform.
The government approved construction of 90,095 more affordable houses for urban poor under Pradhan Mantri Awas Yojana (Urban) with an investment of Rs 5,590 crore in three states. The central assistance for the same would be Rs 1,188 crore.
Over three lakh residential and commercial properties in Bengaluru have come up without civic agencies' approval and six lakh properties have been found to be in violation of municipal bylaws or sanctioned plans, a BBMP survey says. Property owners had been given a month's time to rectify errors in their property details if they had declared them wrong, and pay the property tax.
ArthVeda Fund Management, part of financial services conglomerate Wadhawan Global Capital, is planning to raise $1 billion to invest in affordable housing projects across the country, said a top company official.