#RealtyNewsRoundup: GST: Under-Construction Flats To Become Costlier
After the Goods and Services Tax (GST) is rolled out, the prices of under-construction apartments may rise by up to 5-10 per cent. However, the prices of completed apartments will not be affected. So, if you have already bought a flat but the entire payment has not been made, you will be charged tax at the GST rate on the remaining amount to be paid, which is likely to be between 12 and 18 per cent.
The Andhra Pradesh government received another setback as the Union Ministry of Environment and Forests turned down the state’s proposal to use 13,000 hectares of forest land for the construction of its capital Amravati. Amaravati has been caught in green hurdles as the state government proposal to build the capital city in an ecologically sensitive zone, which forms part of the highly fragile Eastern Ghats.
To renovate the iconic Oberoi hotel in New Delhi, which was closed down on April this year, EIH Ltd is planning to invest over Rs 500 crore in the hotel. The dwindling profitability of the 50-year-old property has led the group to arrive at the decision of complete renovation. The 271-room Oberoi property in the Capital used to post a profit of Rs 90 crore per year, which went down to Rs 65 crore in 2015-16.
In an attempt to keep monsoon-related water-logging at bay, the Noida Authority has warned 348 companies located in Sector-63 industrial belt to remove encroachments, including construction of ramps and pathways, from drains. According to the civic body, property owners have encroached on the storm-water drains in the area, which has led to widespread water-logging in the area.