“The rental policy is unlikely to be formalised any time soon. The main reason is that it is very sensitive,” a senior government official told ET on condition of anonymity.

For under-construction properties, housing prices went up in 39 cities by up to 17 per cent and declined in 8 cities by up to 8 per cent and remained stable in 3 cities.

DDA is also in the process of setting up a call centre having specialised agents, who would ensure that people don’t have to visit its offices for any queries.

The revelation comes when the GST Council is likely to reduce the GST rate levied on under-construction properties to 5% from 12% in its January 2019 meeting.

The large pile of unsold homes resulting from tepid demand conditions gradually led to moderation in price increase.

RERA, which protects the interest of home buyers, empowers states to notify their rules and appoint regulatory authorities.

A total of 15 states/UTs have set up regular Real Estate Regulatory Authority (RERA) while 13 have interim RERA.

The locality is an established residential area comprising good social and retail infrastructure along with sound connectivity.

The official said that construction of almost 62 lakh individual household toilets and 5 lakh community and public toilet seats is already over or nearing completion.

Currently, 12 per cent GST is levied on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.

This Mumbai location hosts several business centres namely One BKC, Godrej BKC, Parinee Crescenzo, IL&FS Financial Centre, etc.

The residential realty has witnessed a prolonged down-cycle owing to high inventory, muted demand, weak affordability and declining investor interest.