#RealtyNewsRoundup: GST Council Extends Deadline To Opt For Old Rate Till May 20

The date for real estate developers to opt for old Goods and Services Tax (GST) rate has been extended by the GST Council from May 10 to May 20. The council in March has allowed the developers to shift to five per cent GST rate for residential units and 1 per cent for affordable housing without the benefit of input tax credit (ITC) from April 1, 2019.

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The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) on May 9 announced that it would adopt all the projects that had been left mid-way by the developers and have missed the completion deadline in the national capital region’s (NCR) cities. According to the authority, there are 100 such projects in the NCR.

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The Supreme Court on May 9 suggested the government took over debt-laden Unitech and completed its stalled projects. During the hearing, the forensic auditors informed the apex court that the officials at Unitech were not providing details on diversion of funds to other entities.

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The Hyderabad Metropolitan Development Authority (HMDA) has announced that it will soon launch a land pooling scheme to develop over 10,000 acre of land in the city in the next one year. Under the scheme, the HMDA will develop the land provided by a group of landowners based on the layout rules and will give developed proportionate piece of land with all necessary infrastructure, including roads, parks and open spaces to them.

Source: Media reports