(2)For the purposes of sub-section (1), a housing project shall be a project which fulfils the following conditions, namely:—(a)the project is approved by the competent authority after the 1st day of June, 2016, but on or before the 31st day of March, [2022];(b)the project is completed within a period of five years from the date of approval by the competent authority:Provided that,—(i)where the approval in respect of a housing project is obtained more than once, the project shall be deemed to have been approved on the date on which the building plan of such housing project was first approved by the competent authority; and(ii)the project shall be deemed to have been completed when a certificate of completion of project as a whole is obtained in writing from the competent authority;(c)the carpet area of the shops and other commercial establishments included in the housing project does not exceed three per cent of the aggregate carpet area;(d)the project is on a plot of land measuring not less than—(i)one thousand square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai; or(ii)two thousand square metres, where the project is located in any other place;(e)the project is the only housing project on the plot of land as specified in clause (d);(f)the carpet area of the residential unit comprised in the housing project does not exceed—(i)thirty square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai; or(ii)sixty square metres, where the project is located in any other place;(g)where a residential unit in the housing project is allotted to an individual, no other residential unit in the housing project shall be allotted to the individual or the spouse or the minor children of such individual;(h)the project utilises—(i)not less than ninety per cent of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Central Government or the State Government or the local authority, as the case may be, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai, or(ii)not less than eighty per cent of such floor area ratio where such project is located in any place other than the place referred to in sub-clause (i); and(i)the assessee maintains separate books of account in respect of the housing project:Provided that for the projects approved on or after the 1st day of September, 2019, the provisions of this sub-section shall have effect as if for clauses (d) to (i), the following clauses had been substituted, namely:—"(d) the project is on a plot of land measuring not less than—(i)one thousand square metres, where such project is located within the metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurugram, Faridabad), Hyderabad, Kolkata and Mumbai (whole of Mumbai Metropolitan Region); or(ii)two thousand square metres, where such project is located in any other place;(e)the project is the only housing project on the plot of land as specified in clause (d);(f)the carpet area of the residential unit comprised in the housing project does not exceed—(i)sixty square metres, where such project is located within the metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurugram, Faridabad), Hyderabad, Kolkata and Mumbai (whole of Mumbai Metropolitan Region); or(ii)ninety square metres, where such project is located in any other place;(g)the stamp duty value of a residential unit in the housing project does not exceed forty-five lakh rupees;(h)where a residential unit in the housing project is allotted to an individual, no other residential unit in the housing project shall be allotted to the individual or the spouse or the minor children of such individual;(i)the project utilises—(I)not less than ninety per cent of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Central Government or the State Government or the local authority, as the case may be, where such project is located within the metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurugram, Faridabad), Hyderabad, Kolkata and Mumbai (whole of Mumbai Metropolitan Region); or(II)not less than eighty per cent of such floor area ratio where such project is located in any place other than the place referred to in sub-clause (I); and(j)the assessee maintains separate books of account in respect of the housing project."
