Real estate supply classification clarified: transfer of development rights and long term land leases treated as services to promoters. The notification classifies transfer of development rights or FSI (including additional FSI) and long term lease of land (30 years or more) with upfront consideration and/or periodic rent, when for construction of a project by a promoter, as services supplied by any person to the promoter; it inserts definitions adopting terms from the Real Estate (Regulation and Development) Act for apartment, promoter, Real Estate Project (REP), Residential Real Estate Project (RREP) and defines floor space index (FSI). The amendments are effective 1 April 2019.
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Provisions expressly mentioned in the judgment/order text.
Real estate supply classification clarified: transfer of development rights and long term land leases treated as services to promoters.
The notification classifies transfer of development rights or FSI (including additional FSI) and long term lease of land (30 years or more) with upfront consideration and/or periodic rent, when for construction of a project by a promoter, as services supplied by any person to the promoter; it inserts definitions adopting terms from the Real Estate (Regulation and Development) Act for apartment, promoter, Real Estate Project (REP), Residential Real Estate Project (RREP) and defines floor space index (FSI). The amendments are effective 1 April 2019.
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