#RealtyNewsRoundup: Homes To Fall Under 5% Slab In GST Regime
The Goods and Services Tax Council decided on the four-tier structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury items. Mass-market homes are expected to fall under the five- per cent slab.
States, including Uttar Pradesh and Gujarat, have begun diluting the provisions of the Real Estate (Regulation & Development) Act, exempting delayed projects. While UP has come up with four exemptions to exclude incomplete projects from the category of “ongoing projects”, Gujarat has exempted all projects launched before notification of the rules. This means such projects won’t have to be registered with the real estate regulator in these states.
Prime Minister Narendra Modi will lay the foundation stone of Mopa International Airport in Goa on November 13. Apart from this, Modi will also lay the foundation for an IT hub in the state.
The Andhra Pradesh government notified four new urban development authorities in the state. The government has sought public opinion on the proposed new bodies that will come up in Anantapur-Hindupur, Kurnool, Nellore and Kakinada (Godavari) under the AP Metropolitan Region Urban Development Authorities Act, 2016.