Real Estate News Update for June 24
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Regulatory
The ED's Lucknow zonal office has sought details of 63 companies linked to the developer, whose some projects are under insolvency proceedings.
International
In December 2022, the Hong Kong-based company that has sponsored multiple Singapore-listed REITs including ESR-LOGOS REIT and Sabana Industrial REIT.
Residential
In recent years, the GST on residential dwellings has been a grey area. This new notification clarifies that hostels and accommodations for working professionals are exempt from GST within certain limits.
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Infrastructure
Ground truthing an exercise to verify data collected through aerial photography or satellite radar via ground visits of illegal structures was carried out in these villages, as the land here is protected under Section 4 (special orders) of the Punjab Land Preservation Act .
Residential
He emphasized that an online system for stamps and registration is crucial for ease of living and better record and data management. Preparations should be made regarding this as soon as possible and a draft should be readied and presented.
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