Tax liability on development rights and FSI arises on completion certificate or first occupation for promoters. Notification designates promoters who receive development rights or FSI, or who obtain long term lease of land for residential construction against upfront consideration, as registered persons for state tax. It makes taxable the consideration paid or received-whether construction services, monetary payments related to development rights/FSI, or upfront lease premiums-and stipulates that the liability to pay state tax arises on issuance of the completion certificate or on first occupation, whichever is earlier.