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Transfer of development rights and FSI transfers: services to promoters and long term land leases now captured under GST rules. Two new service entries capture: (1) transfer of development rights or floor space index (FSI) by any person for construction of a project by a promoter; and (2) long term land leases granted by any person for such construction where consideration is upfront premium and/or periodic rent, treated as services to the promoter. Definitions added align 'apartment' and 'promoter' with the Real Estate (Regulation and Development) Act, define 'project' as REP or RREP, set RREP by reference to commercial carpet area limits, and define FSI as gross floor area to land area ratio.
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Provisions expressly mentioned in the judgment/order text.
Transfer of development rights and FSI transfers: services to promoters and long term land leases now captured under GST rules.
Two new service entries capture: (1) transfer of development rights or floor space index (FSI) by any person for construction of a project by a promoter; and (2) long term land leases granted by any person for such construction where consideration is upfront premium and/or periodic rent, treated as services to the promoter. Definitions added align "apartment" and "promoter" with the Real Estate (Regulation and Development) Act, define "project" as REP or RREP, set RREP by reference to commercial carpet area limits, and define FSI as gross floor area to land area ratio.
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