UP Builders Face Land Loss for Failing to Pay Rehabilitation Advance
UP builders may lose land for failing to pay rehabilitation advance, NCR builders face land loss, UP land rehabilitation advance
Up BuildersLand Rehabilitation AdvanceNcr BuildersReal EstateHousing ProjectsReal Estate NewsAug 29, 2024
According to sources, the Uttar Pradesh government has decided to take stern action against builders who have failed to pay the rehabilitation advance for their projects. The government has warned that if the builders fail to pay the advance, their land will be confiscated.
The rehabilitation advance is a payment made by builders to the government for the rehabilitation of slum dwellers and other affected people who are displaced due to the construction of housing projects. The payment is usually made in installments, and builders are required to pay a certain percentage of the total cost of the project as rehabilitation advance.
The UP government has taken this decision to ensure that builders do not exploit the system and fail to provide adequate rehabilitation to the affected people. The government wants to ensure that only serious builders who are committed to providing quality housing and rehabilitation participate in these projects.
The decision is likely to affect several builders in the NCR region, who have failed to pay the rehabilitation advance for their projects. The government has warned that it will take strict action against these builders and confiscate their land if they fail to pay the advance.
The move is aimed at promoting transparency and accountability in the real estate sector and ensuring that builders comply with the rules and regulations. The government wants to ensure that the affected people are provided with adequate rehabilitation and that the builders do not exploit the system.
In a related development, the Maharashtra Housing and Area Development Authority (MHADA) has reduced prices by 10-25% on 370 apartments available through its Mumbai Board Lottery. The reduction applies to homes acquired through redevelopment projects under DCR 33(5), 33(7), and 58, making them more affordable for buyers.
MHADA has also extended the deadline for online application submissions to September 19, 2024. The move is aimed at promoting affordable housing in the state and providing relief to homebuyers.
Sanjeev Jaiswal (IAS), Vice President and CEO, MHADA stated, \
Frequently Asked Questions
What is the rehabilitation advance for housing projects in UP?
The rehabilitation advance is a payment made by builders to the government for the rehabilitation of slum dwellers and other affected people who are displaced due to the construction of housing projects.
What will happen to builders who fail to pay the rehabilitation advance?
Builders who fail to pay the rehabilitation advance may lose their land. The government has warned that it will take strict action against these builders and confiscate their land if they fail to pay the advance.
How many apartments has MHADA reduced prices on?
MHADA has reduced prices by 10-25% on 370 apartments available through its Mumbai Board Lottery.
What is the deadline for online application submissions for MHADA's Mumbai Board Lottery?
The deadline for online application submissions has been extended to September 19, 2024.
How has Aroundtown's performance been affected by the German property crisis?
Aroundtown reported a narrower second-quarter loss of Rs.432 million, down from 1.27 billion euros a year earlier. The company's shares rose by 2.5% in early trading, outperforming the broader market.
Related News Articles
Keystone Realtors Raises Rs 800 Crore from Institutional Investors
Mumbai-based Keystone Realtors has raised Rs 800 crore by selling shares to institutional investors
Kerala Police Hand Over Mami Missing Case to Crime Branch to Avoid CBI Probe
The Kerala police have handed over the missing case of Mohammad Attur, a prominent real estate businessman, to the Crime Branch to prevent a CBI investigation.
Home Sales in Noida and Greater Noida Increase by 6% in Q3 2024
The residential property market in Noida and Greater Noida witnessed a 6% surge in registrations during the July-September quarter, with a total of 8,128 units sold, according to real estate consultant Square Yards.
Mumbai Real Estate Market Sees Significant Growth in 2024 with 1.41 Lakh Registrations
Mumbai's real estate market is on track to register 1,41,302 property registrations in 2024, marking an 11% increase from the previous year. The market is showing resilience and a growing preference for premium and spacious homes.
2025 Outlook: The Future of Commercial Real Estate in Tier-II and Tier-III Cities
In 2025, we can expect a significant rise in commercial real estate activity in Tier-II and Tier-III cities across India, driven by factors such as low operating costs, ample space, skilled talent, and infrastructure development.
Maharashtra's Transport Minister Pratap Sarnaik Invites CREDAI to Develop MSRTC Land
The Maharashtra Transport Minister, Pratap Sarnaik, has called on the Confederation of Real Estate Developers’ Associations of India (CREDAI) to participate in the development of 1,360 hectares of land owned by the Maharashtra State Road Transport Corpora