Transfer of development rights and long term land lease clarified as supplies to promoters, with defined project and promoter terms. The notification inserts entries treating transfer of development rights or Floor Space Index and long term leases of land (30 years or more) for construction of a project as supplies by any person to the promoter. It prescribes that consideration for long term leases may include an upfront amount and/or periodic rent. The amendment adds definitions: 'apartment', 'promoter', 'project' (REP or RREP), REP and RREP criteria, and defines 'floor space index (FSI)' as gross floor area ratio to land. The notification is effective from the commencement date specified in the instrument.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of development rights and long term land lease clarified as supplies to promoters, with defined project and promoter terms.
The notification inserts entries treating transfer of development rights or Floor Space Index and long term leases of land (30 years or more) for construction of a project as supplies by any person to the promoter. It prescribes that consideration for long term leases may include an upfront amount and/or periodic rent. The amendment adds definitions: "apartment", "promoter", "project" (REP or RREP), REP and RREP criteria, and defines "floor space index (FSI)" as gross floor area ratio to land. The notification is effective from the commencement date specified in the instrument.
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