Real estate developers hits out at new policy

Real Estate dealers, developers have denounced the new Real Estate Policy, released by the CaptAmarinder 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. SanjeevRampal, 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. 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 TriptRajinder Singh Bajwa and Revenue Minister Sukhbinder Singh SukhSarkaria in this regard.