Transfer of development rights and long-term land lease recognised as supplies to promoters for construction projects under amended tax rate. The amendment inserts entries treating services consisting of transfer of development rights or FSI (including additional FSI) and long-term (30 years or more) land leases for construction of a project, where consideration is upfront and/or periodic rent, as supplies made to a promoter. It also adds definitions for apartment, promoter, project, Real Estate Project (REP) and Residential Real Estate Project (RREP), aligning key terms with the Real Estate (Regulation and Development) Act, 2016, and limits commercial carpet area in RREPs to 15% of total carpet area.
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 recognised as supplies to promoters for construction projects under amended tax rate.
The amendment inserts entries treating services consisting of transfer of development rights or FSI (including additional FSI) and long-term (30 years or more) land leases for construction of a project, where consideration is upfront and/or periodic rent, as supplies made to a promoter. It also adds definitions for apartment, promoter, project, Real Estate Project (REP) and Residential Real Estate Project (RREP), aligning key terms with the Real Estate (Regulation and Development) Act, 2016, and limits commercial carpet area in RREPs to 15% of total carpet area.
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