Gujarat ownership flats amendment bill approved
President Ram NathKovind has given assent to “The Gujarat Ownership Flats (Amendment) Bill” which will allow redevelopment of old and dilapidated buildings. The Bill, which was passed by the Gujarat Assembly in its monsoon session last year, allows redevelopment of a society provided 75 per cent of the members give their consent. Earlier, consent of 100 per cent of the members was required. Once notified, the Act will boost vertical development in Ahmedabad and other cities and towns of Gujarat. According to realty experts, Ahmedabad alone can witness construction of 2 lakh new dwellings in next five to seven years.
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