In redevelopment projects in Mumbai, existing flat holders of a building get flats at no cost in the new building which is constructed on the plot after demolishing existing building. Developer gets to construct additional flats against balance FSI and TDR. He earns from it.
Is GST applicable on agreements executed by existing flat holders wherein they surrender old flats and get new flats at no cost in lieu of it ?
GST on redevelopment flats
Replies (2)
Any updated notification...As per my understanding looks like it will attract 12%..No clarity
12% on total construction cost or on 50% of total construction cost??
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