#RealtyNewsRoundUp: Builders Want GST Rate Lowered
Description
After a meeting between sector stakeholders and Housing Minister Hardeep Singh Puri on July 19, the ministry is considering to create a "stress assets fund" to complete the stalled projects. The government plans to provide last-mile funding to such projects. In Thursday’s meeting, real estate developers also sought a reduction in the Goods and Services Tax (GST) rate for the sector’s revival.
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Two days after the two buildings collapsed in Shahberi village, 13 persons who allegedly built illegal buildings were booked in Noida for unauthorised constructions of multi-storey buildings. A team of the Noida Authority conducted inspections of illegal structures in Atta Village, Nithari Village and Morna village.
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The Madurai Bench of the Madras High Court ruled that all landlords are entitled to file or initiate rent control proceedings by invoking the Old Rent Control Act, namely The Tamil Nadu Buildings (Lease and Rent Control) Act, 1960, until the new Act was notified by the state.
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Liquidation of realtor Jaypee Infratech Ltd would not "serve" the purpose of either homebuyers, financial institutions or the promoters, the Supreme Court has said. The apex court also reserved its order on "interim reliefs" prayed by various stakeholders, including the homebuyers, Jaiprakash Associates Limited, the holding company, banks and financial institutions and the Insolvency Resolution Professional.
Source: Media reports
