Real estate developers hits out at govt’s new policy

Neeraj Bagga

Tribune News Service

Amritsar, June 18

Real Estate dealers, developers have denounced the new Real Estate Policy, released by the Capt Amarinder Singh government couple of months back. The policy has been criticised by some Congress leaders also. They demanded amendments in it to give a push to the business.

Sanjeev Rampal, president, Majha Zone Colonisers and Property Dealers Association, who is also a Congress worker, said the hope of real estate business revival after the formation of the Congress government went up in smoke.

The government had exempted registries of properties in legal urban settlements from the no-objection certificates (NOCs). However, despite this, it failed to revive the real estate business since majority of the colonies fall in unauthorised settlements. There are 7,300 illegal colonies in the station, including over 450 in the city, he asserted.

Sawinder Singh, a real estate developer, said the high number of unauthorised colonies reflects the failure of the government to provide enough colonies and houses as per the growing population and its requirements.

He recalled that it was on January 24 that the rtevenue department had banned all registration of sale deeds of property without the NOC. All deputy commissioners, sub-registrars and joint sub-registrars in the state were asked not to register any sale deeds and transfer deeds of properties in any colony without an NOC. “It brought down entire business to naught”, he remarked.

As per the new policy, the colonisers having unauthorised colonies will have to deposit the compounding fee as per the Punjab Apartment and Property Regulation Act (PAPRA), 1995. The compounding fee falls under four different categories depending upon the build-up area in the locality. They will have to deposit the external development charges (EDC), change of land use (CLU) certificates and licence fee as per the Punjab Apartment and Property Regulation Act (PAPRA).

Associations of real estate agents and developers announced to meet PUDA Minister Tript Rajinder Singh Bajwa and Revenue Minister Sukhbinder Singh Sukh Sarkaria in this regard.