#RealtyNewsRoundup: Affordable Homes Will Now Attract Only 1% GST
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The Goods and Services Tax Council on February 24 slashed tax rates on under-construction properties worth up to Rs 45 lakh to one per cent while reducing the rates for premium under-construction properties to five per cent. Before the cut, the two segments were taxed at 8 and 12 per cent, respectively.
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The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has said that the responsibility to form apartment owners’ association in housing projects lies with the developer. According to the authority, the developer must complete this work within three months of residents taking passion of the housing project.
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As the Tamil Nadu Regulation of Rights and Responsibilities of Landlords and Tenants Act, 2017, comes into effect, landlords in the state will now have to get the rent agreements registered to let their residential and commercial buildings.
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Residents in Kochi can now use their e-wallet PayTm to pay their property tax as the civic body is set to introduce this facility for the payment of various taxes. The facility will be launched in 12 divisions on a pilot basis from the financial year 2019-20.
Source: Media reports
