"low-cost residential unit"
means—
| (a) | an apartment qualifying as a residential unit in a building located within the Republic, where— |
| (i) | the cost of the apartment does not exceed R350 000; and |
[Paragraph (a)(i) substituted by section 3(1)(a) of Act No. 23 of 2013 - effective 1 April 2013]
| (ii) | the owner of the apartment does not charge a monthly rental in respect of that apartment that exceeds one per cent of the cost; or |
| (b) | a building qualifying as a residential unit located within the Republic, where— |
| (i) | the cost of the building does not exceed R300 000; and |
[Paragraph (b)(i) substituted by section 3(1)(b) of Act No. 23 of 2013 - effective 1 April 2013]
| (ii) | the owner of the building does not charge a monthly rental in respect of that building that exceeds one per cent of the cost contemplated in subparagraph (i) plus a proportionate share of the cost of the land and the bulk infrastructure: |
Provided that for the purposes of paragraphs (a)(ii) and (b)(ii), the cost is deemed to be increased by 10 per cent in each year succeeding the year in which the apartment or building is first brought into use;
[Definition inserted by section 4(1)9j) of the Revenue Laws Amendment Act, 2008 (Act No. 60 of 2008) - effective 21 October 2008]