#RealtyNewsRoundUp: Hyderabad Metro's Phase-I To Be Operational In November
The first phase of the Hyderabad Metro rail project will be operational in November. The Telangana government has invited Prime Minister Narendra Modi to inaugurate the largest Public Private Partnership (PPP) project in the country, being developed at a cost of Rs 15,000 crore. The project will be completed in three phases covering an area of 72 kms.
Here is a good news for all property owners. The monthly maintenance charges, paid to the co-operative housing society (CHS), will not attract Goods and Services Tax (GST) if it is Rs 5,000 or less. This was recently informed in the form of frequently asked questions by the Tax Research Unit of Ministry of Finance. Also, societies with the lower annual collection are likely to be exempted from GST.
Public sector lender Bank of Baroda will sell as many as 275 commercial and residential properties across India as a part of its drive of cleaning its books. The total reserve price for these properties is more than Rs 400 crore.
After the Noida Authority launched a bailout package on August 24, it has started meeting developers. Under the package announced, to speed up the delivery of projects in Noida, the authority will be giving out partial completion certificates for three months, from September 1 to November 30. The package will benefit the cash-strapped developers who are not able to clear their dues and get completion certificates.
Source: Media reports