Posts Tagged ‘ Real Estate regulations ’

Illegal plot owners have now another opportunity to regularize their layouts. As per the directive released by Municipal Administration and Urban Development Department, the government has allowed the respective municipal and urban development authority bodies to accept the Layout Regularization Scheme (LRS) applications till June 30, 2012 with 20% surcharge of the penal amount....

New Real Estate Regulation Bill which is developed from the original Model Real Estate Bill is to receive comments from the union law ministry. Since three years, the original bill had been modified for about 8-9 times. This was done based on the 3,000 comments obtained by the ministry from consumers as well as...

In order to track and reduce the trend of illegal constructions in the city, the penalty on property tax from the unauthorized and illegal buildings was earlier proposed to be 200 percent. However, it was again changed to 25 percent by the GHMC Standing Committee. Therefore, any builders who are prompt to construct the...

The 10% mortgage rule for residential constructions on plots of size of 100 sq. meters and above was scrapped by the municipal administration and urban development (MAUD). Earlier, the mortgage rule was applicable only for the buildings whose size is more than 200 sq. meters. However, the rule was changed (six months back) and...

A unified authority is to be set up by the government to make land allotments. The concerned government authorities were asked by the Chief Minister to make transparent land policies with the help of stakeholders’ consultation. It was even decided to review the current guidelines and policies regarding land allotment to different organizations, departments,...

An amendment of the Hyderabad Municipal Corporation Act 1955 has been proposed by the Greater Hyderabad Municipal Corporation (GHMC). 200% additional property tax is planned to be levied on unauthorized buildings in the city. The AP Lokayukta directed this proposal enabling the implementation of the New Building Rules (GO 86). Only 20 percent additional...

Builders of Hyderabad are decreasing the floor height to make some extra floors and attain huge profits through residential projects. According to the revised GO-86 of 2006, the building permissions are given with respect to the height of an apartment instead of the number of floors. Taking this as an advantage, the city developers...

A new order (GO No.45) was set up by the state government to provide 20% of the housing units which are built over one acre of land in Andhra Pradesh to the economically weaker sections (EWS) and lower income groups (LIG). The government prefers every layout to have people from all classes of society....

The Director General of Investigations wing of Competition Commission of India (CCI), suggested that serious regulations should be made in the real estate sector to safeguard the interests of consumer. The giants in real estate business are coming up with discriminatory clauses in the agreements of the apartments. The DG of investigations wing had...