Meaning of affordable residential apartment under GST

What is affordable  residential  apartment under GST

 

Affordable  residential  apartment  under GST is  a  residential apartment  in a project which  commences on or after  01-04-2019,  or  in  an  ongoing  project  in respect of which the promoter has opted for new rate  of  1%  (effective  from  01-04-2019)  having carpet area upto 60 square meter in metropolitan cities and 90 square meter in cities or towns other than  metropolitan  cities  and  the  gross  amount charged for which, by the builder is not more than 45  lakhs  rupees.  [Cities  or  towns  in  the notification  shall  include  all  areas  other  than metropolitan city as defined, such as villages.]

 

In  an  ongoing  project  in  respect  of  which  the promoter has opted for new rates, the term also includes  apartments  being constructed  under  the specified  housing  schemes  of  Central  or  State Governments.

               

[Metropolitan cities are Bengaluru, Chennai, Delhi NCR  (limited  to  Delhi,  Noida,  Greater  Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad,Kolkata and Mumbai (whole of MMR) with their geographical limits prescribed by Government.]

 

 

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