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The city of Sanand at the Ahmedabad district of Gujarat is a well-known hub of automobiles. It is a satellite town ruled by the Vaghela dynasty in the past. The town is well famous for its heritage in music. The famous Hindustani musician late Maharaja Jaiwant Sinh Vaghela was from this royal family and he was the ‘Guru’ of Pandit Jasraj. Indians considering such strong musical culture are getting attracted to this town. Real-estate investors are quickly capitalizing in this area for its potential to represent the strong culture of Gujarat and India. Gift City Latest Update city too has traditional Gurukul-such as music institutes, attracting music students. Real-estate developer should note. A new company is entering the real-estate market of Gujarat, a very successful businessman Girish Patel founder of Paras Pharmaceuticals is planning to build a 170-acre integrated township project at Sanand, a city lays in Ahmedabad district.

After selling his stake in Paras in 2010, for Rs. 1, 000 crore, he turned investor and now aims to be a developer. Mr. Girish is closely working on the real-estate project planned at Sanand, which he thinks has the potential to develop into the next Gurgaon. Sanand is hardly 30 km from Ahemadabad and is close proximate to German engineering major Bosch Rexroth, and 2 km from Tata’s Nano project and Ford India’s upcoming plant. Gift City News is planning to develop the township in partnership model, as his partner has another 100 acres adjacent to my plot, and they can develop a much bigger project. Their existing plan comprises to develop a township with residential apartments, commercial complexes, malls, movie multiplexes, a hospital, a school, and a hotel of a four-or-five star category. According to industry sources, the net investment on the project could be to the tune of Rs 2,500 crore.422. The subject of works contract is one of the most confusing and litigated issues. The Constitution Forty Sixth Amendment Act, 1982 granted powers to State Governments to enact laws for providing the levy of tax on the transfer of property whether as goods or in some other form involved in the execution of works contracts. Developer and Developers undergo untold hardship and misery while computing the gross and taxable turnovers.

Each State has prescribed its own law, rules and methodology for determining the gross and taxable turnovers. There are many conditions that are stipulated while there are umpteen laws that a builder/developer has to comply with. In this legal maze the question that arises is Can a builder/developer contend that the true essence of the agreements that he enters into is for sale of an immovable property? In this paper I have attempted to analyse the pros and cons of such transactions. Before I proceed to understand the taxability of the transactions and in order to appreciate and understand the issues raised the following judgments are relevant: The agreement provided that K. Raheja Development Corporation, as developer on its own behalf and as developer of such person, would construct the flats as a unit, ultimately to belong to such person. K.Raheja Development Corporation was constructing the unit for and on behalf of the person who had agreed to purchase the flats.

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