#RealtyNewsRoundup: Rajya Sabha Passes GST Bill

Realty News Roundup is PropGuide's selection of top stories from the real estate sector.

Touted as the biggest tax reform in Indian history since Independence, the Rajya Sabha approved the crucial 122nd Constitutional amendment to turn the Goods and Services Tax (GST) Bill into law. The Lok Sabha had already passed the Bill. After at least 15 states approve the Bill, the new rule would herald the introduction of a single goods and service tax regime for the entire country.

Dewan Housing Finance Ltd received record bids as the company opened the sale of its retail inflation-linked bonds. The company collected close to Rs 19,000 crore, nearly five times the upper end of the issue size as investors rushed to grab their share of a paper that offered interest rates as high as 9.5 per cent.

Bengaluru-based Bhartiya Group and The Leela have announced the launch of branded luxury houses — Leela Residences in Bengaluru. This collaboration makes Leela the first Indian hospitality group to launch branded luxury residences. Bhartiya Group Chairman Snehdeep Aggarwal said almost 50 per cent of the apartments had been sold in less than two months. The apartments are priced between Rs 1 crore for a studio apartment and over Rs 5 crore for a 4-bedroom residence.

The Supreme Court asked Sahara chief Subrata Roy to deposit another Rs 300 crore to continue to stay on parole. Rejecting Roy's plea to be permitted to sell Sahara's property to raise money to return investors' deposits collected in 2008 and 2009 through Optionally Fully Convertible Debentures, the SC Bench gave Roy time until September 15 to deposit the money, failing which he will be back in the Tihar Jail.

Source: Media reports