UP Builders May Lose Land for Failing to Pay Rehabilitation Advance
The move aims to ensure transparency and accountability in real estate development, ensuring that only serious builders participate in these housing projects.
Real EstateUpNcrLandRehabilitation AdvanceReal EstateAug 29, 2024
The policy aims to prevent builders from abandoning projects mid-way and to ensure that they complete the projects as promised. The rehabilitation advance will be used to compensate homebuyers in case the builder fails to deliver the project.
The move is expected to bring relief to thousands of homebuyers who have been affected by delayed or abandoned projects in the state. It will also help to boost the real estate sector by attracting more investors and buyers.
However, some builders have expressed concerns about the new policy, saying that it will increase their costs and make it difficult for them to compete with other developers.
The Uttar Pradesh government has assured that the policy will be implemented in a phased manner and that builders will be given sufficient time to adjust to the new requirements.
In other news, the Maharashtra Housing and Area Development Authority (MHADA) has announced a price reduction of 10% to 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.
The deadline for online application submissions has been extended to September 19, 2024.
Frequently Asked Questions
What is the new policy introduced by the Uttar Pradesh government?
The policy requires builders to pay a rehabilitation advance to the government before starting construction.
What is the purpose of the rehabilitation advance?
The rehabilitation advance will be used to compensate homebuyers in case the builder fails to deliver the project.
How will the policy affect builders?
The policy may increase costs for builders and make it difficult for them to compete with other developers.
What is the Maharashtra Housing and Area Development Authority (MHADA) announcement?
MHADA has announced a price reduction of 10% to 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 has been extended to September 19, 2024.
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