Karnataka Real Estate Regulatory Authority has set off alarm bells among CHS Cooperative Housing Societies (Urban and Rural)in the state as 10,000 co-operative societies, out of approx 50,000, have to be registered under Karnataka RERA. Now, they are liable to comply with RERA norms as their process of developing layout is incomplete. Only one society is registered under RERA till now, nevertheless this whole process will bring transparency and escalate the price. 18% GST will be levied on amount paid by the new owner of flat to the society on exchange of ownership.
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