Property registrations across Pune pick up in September
The registration of property in Pune was taken in September following a downturn in numbers due to the pandemic However, even though there is a 3% decrease in stamp duty, the registrations are 18% less than in January and February.
According to the Confederation of Real Estate Development Association of India (CREDAI) Pune it could trigger a change for Pune’s festive season, like Mumbai, that has registered already a little bounce back. Registrations obtained from August for the city of Pune are 27 percent. In September, there was 34,714 registrations, up from 27,276 in August. More than 40,000 registrations were done in the pre-COVID 19 months of January and February.
The government announces on the one hand that it will cut its stamping duty while rising the ready reckoning prices in Pune, the main markets in which sales could have recovered. But now is the time to invest in real estate as the cost of labour, material, and transport will rise, which will affect the property’s final cost. The drop in the stamp duty, developer’s offer, and discount helps buyers in Mumbai
Gurugram: Property owners carrying out illegal construction may lose OC
Unauthorized construction and building plan modifications can soon lose their occupation certificates (OCs). A team from the DTCP will visit the properties a month after the issue of the OCs and examine them to assess if the construction plans have been implemented by the owners. The Department of Town and Country Planning (DTCP) has confirmed that buildings of licensed colonies given OCs will be inspected for property owners to check whether they have adhered or not to the original building plan.
The FAR of plots measuring 300 metres (264 percent) and 240 percent in large plots increased last year by DTCP. The Department has recently allowed a guardroom and a toilet to be installed in the stilt area, which used to be one of the most frequent violations. The Association of Gurgaon Home Developers and Plot Owners, which initially made demands for increased FARs, had pledged it would monitor the unauthorized building but failed to avoid any violations.
Now, approved building plan a must for property registry in Gautam Budh Nagar
In the absence of an approved building plan or letter of no opposition from the authority concerned for registration of any house, individuals shall send an approved building plan. Similarly, officials shall not proceed without verifying the structure status with the local authority for registering a unit in a building with more than four floors.
Moreover, during property registration, both categories are expected to mention the overall number of floors of a building, as well as the height. After the 2018 twin building collapse in Shahberi, which claimed the lives of nine people, the clamor for improvements in the registration of residential, agriculture, business, institution, and commercial land intensified.
These are some of the guidelines for the Registry of Land under the jurisdiction of the three industrial development authorities notified by the district authorities to end unauthorized buildings in Gautam Budh Nagar. The goal is to ensure that properties built illegally are not registered in the area.