PANAJI
The fifth meeting of Group of Ministers on boosting real estate was conducted on Friday at GIFT City, Gandhinagar, Gujarat under the convenorship of Chief Minister Pramod Sawant to deliberate on the various issues pending before it.
Members from states -- Maharashtra, Gujarat, Kerala, Punjab, Uttar Pradesh and Bihar -- also participated in the meeting.
On the issue pertaining to review of the value limit of Rs 45 lakhs in the definition of affordable residential apartment for a metropolitan area, it has been recommended by the GoM that value may be revised and principles for the revision of the value limit were also discussed and concurred by the members.
Further, it was also decided to consider the revised limit for affordable house once the same is decided by the RBI under Priority Sector Lending.
As regards the issue to ascertain the value of land for determining the value of construction services involving transfer of land or undivided share of land, the members of the GoM agreed for the valuation rules for determining the value of land involved in such construction services.
In addition to the above issues, valuation of the houses supplied by the government to the slum dwellers was also deliberated upon. It has been recommended to further examine the issue more comprehensively.
Apart from above issues, the 4th meeting of GoM had also deliberated on the GST exemption on the grant of long term lease of land by private entity and for sector specific such as for tourism purposes and the GoM concurred with the view that status quo may be maintained.
