Tax liability on development rights and FSI arises at completion or first occupation for notified promoters. Notification under section 148 designates promoters receiving development rights or FSI, or obtaining long term lease of land for residential construction, as liable to state tax where consideration is paid in construction service or monetary/upfront amounts; tax liability on such supplies arises on issuance of the completion certificate where required or on first occupation. Defined terms include apartment, promoter, project, REP, RREP and FSI, and specified services are to be taxed under the reverse charge mechanism.