Transfer of development rights and long-term land lease classified as taxable services when supplied for construction to a promoter. Inserts two new taxable service entries: services by any person transferring development rights or Floor Space Index (FSI), including additional FSI, for construction of a project by a promoter; and long term lease of land by any person for construction of a project by a promoter against upfront consideration and/or periodic rent. Adds definitions aligning 'apartment', 'promoter', 'Real Estate Project (REP)', 'Residential Real Estate Project (RREP)' and 'floor space index (FSI)' with the Real Estate (Regulation and Development) Act, and defines RREP by commercial carpet area limits.
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Provisions expressly mentioned in the judgment/order text.
Transfer of development rights and long-term land lease classified as taxable services when supplied for construction to a promoter.
Inserts two new taxable service entries: services by any person transferring development rights or Floor Space Index (FSI), including additional FSI, for construction of a project by a promoter; and long term lease of land by any person for construction of a project by a promoter against upfront consideration and/or periodic rent. Adds definitions aligning "apartment", "promoter", "Real Estate Project (REP)", "Residential Real Estate Project (RREP)" and "floor space index (FSI)" with the Real Estate (Regulation and Development) Act, and defines RREP by commercial carpet area limits.
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