Monday, June 8, 2015

Foreign players to invest in Medicity project at Mullanpur

Punjab Cabinet on Wednesday gave nod to allow foreign players to invest in health care sector, including setting up hospitals in the upcoming Medicity project at Mullanpur in Mohali here.
The decision was taken in a meeting of the Council of Ministers chaired by Deputy Chief Minister Sukhbir Singh Badal here on Wednesday.
To encourage participation of foreign key players in the medical health care and research, the Cabinet gave approval to amend the Land Allotment Policy, 2014, for allotment of plots for setting up hospitals, multi-speciality hospitals, medical colleges-cum-hospitals and medical research institutes in the upcoming Medicity at Mullanpur, also known as New Chandigarh, spokesperson of the Chief Minister’s Office said.
The amended policy allows participation of 100 per cent owned subsidiaries, joint ventures floated by foreign health institutions. It also allows the subsidiary of any parent company to apply for allotment on behalf of the parent company, he said.Part of the Dream Weave Walk Network 1998-2015

Price increased for Chandigarh Housing Board (CHB) property transfer

 Getting the ownership of Chandigarh Housing Board (CHB) property transferred has now become expensive in the city. Within days of allowing the transfer of flats on the basis of the general power of attorney (GPA), and delinking building violations in cases of transfer of ownership, the CHB has increased the processing fee after 10 years. Of the total 60,000 flats of the CHB, around 50 per cent of the properties are still on the GPA. Prior to the fresh set of relaxations made by the CHB since January 2015, the transfer of properties on the basis of the GPA was stuck as the transfer had been linked with building violations and misuse of the respective property. As a result, a majority of the GPA holders did not apply after 2012.CHB chairman Maninder Singh said the increased fee would not be applicable to those who had applied earlier along with the transfer fee, except in cases where the application for the transfer had been rejected. The only condition was that the transferor/transferee should not have made any change in the facts mentioned in the transfer application form and the supporting documents.
The president of the Property Consultants Association, Raj Kumar Pal, said the board authorities should ensure that there was no delay in the disposal of cases. Rajat Malhotra, general secretary of the CHB Residents Welfare Federation, said the fee should be kept realistic.   The increase in the fee has been kept the minimum in case of the economically weaker section (EWS) and low income group ( LIG) flats compared to the middle income group (MIG) and high income group (HIG) flats. Officials in the CHB said the hike in the fee was nothing compared to the property rates. In the case of transfer of dwelling units on the basis of the GPA, executed before October 2011, the fee for the MIG category-III and HIG category-I and II has been increased from the existing Rs 500 to Rs 3,000 and Rs 1,000 to Rs 4,000, respectively. On the contrary, the fee for the transfer of EWS flats has been increased from the existing Rs 100 to Rs 200 and for the LIG flats, the fee has been increased from Rs 250 to Rs 1,000. Similarly, the fee for the transfer of a dwelling unit on the basis of a registered or unregistered will (where the deed of conveyance has not been executed) has been increased in the MIG and HIG categories. The fee for the execution of the conveyance deed has also been increased. The processing fee for the transfer of commercial property has also been hiked. Not only has the transfer fee related to the issuance of different ownership documents been increased, but the cost of the application form has also been increased from Rs 20 to Rs 200. Substantial hike in transfer fee on the cards After the increase in the processing fee, the CHB is contemplating increasing the transfer fee. Against the formula for calculating the fee on the basis of the allotment price of the respective flat, the board will calculate the transfer fee based on the market price of the respective property.
Part of the Dream Weave Walk Network 1998-2015

Limit reduced for E-stamp certificates for registration

Punjab government has decreased the limit of issuance of e-stamp certificates for registration of properties from the present Rs 50,000 to Rs 20,000.
This decision will authorise the Stock Holding Corporation of India (SHCIL) to issue e-stamp certificates for amount exceeding Rs 19,999 and it would come in to force with effect from June 8, an official spokesman said here on Thursday.
A notification in this regard has been issued today.
With implementation of this decision, while registering any property, if stamp duty amount exceeds Rs 20,000, then the buyers have to get e-stamp certificates from banks and this decision will be implemented throughout the state.

Part of the Dream Weave Walk Network 1998-2015

Mohali: Collector rate slashed

  In a move aimed at energizing the realty scene in Punjab, the Parkash Singh Badal-led SAD-BJP government has slashed the collector rate in many districts, with the Badal turf of Bathinda getting the biggest cut of 35%.
Not making any attempt to change the rather imbalanced real estate growth in the Chandigarh region, the state government has brought down collector rate by a paltry 5-7% in Mohali..
 "Reduction of only 5% in collector rate is a cruel joke by the state government and the district administration," said Ashok Kumar, ex-president of the Mohali Property Dealers' Association..

Collector rates are hiked regularly by the district administrations and the increase is usually more in urban areas. In case of Bathinda, the highest reduction is for residential property in rural areas (35%) and 30% for that in urban areas.
On the demand of office-bearers of colonizer associations, Deputy CM Sukhbir Badal had in March formed a committee of 19 members, including 13 from associations and 6 representatives of state government to resolve issues pertaining to developers..
Revised rates:
Mohali: 5-7%
Bathinda: 25-35%
Fazilka: 15-20%
Mansa: 15-20%
Moga: 15-20%.
Part of the Dream Weave Walk Network 1998-2012

Thursday, May 28, 2015

Chandigarh Housing Board to construct 128 two-bedroom flats in Sector 51

The Chandigarh Housing Board (CHB) on Tuesday decided to construct 128 two-bedroom flats in Sector 51, announcing a housing scheme after a gap of eight years.

The decision was taken in a high-level meeting that saw the administration give approval to the project. The chief architect was given the nod to design the flats that would comprise a dinning room, two bedrooms, balconies, kitchen, store, dress space and two toilets. One flat was likely to cost Rs 68 lakh. It was not yet clear whether the board would hold a draw of lots or an auction, but any person could make a bid to buy the dwelling. The only condition being that he should not own property in the Tricity.

Officials claimed the construction of flats would start soon after acquiring the approval for layout and design from the department of urban planning. "The proposed houses would be on the pattern of stilts+4 flats and have all modern facilities," a CHB press release stated. According to initial planning, lifts were also proposed. The board was also considering to construct parking lots.

Part of the Dream Weave Walk Network 1998-2012

CHB: 18 Flats' Auction

18 Flats' Auction

About 18 CHB flats in Sector 63 that the allottees had surrendered would be auctioned in the next two months. The flats were of three-bedroom, two-bedroom, one-bedroom and EWS category.

The board officials said reserve prices were likely to be Rs 79.95 lakh for three-bedroom flats, Rs 59.95 lakh for two-bedroom, Rs 39.95 lakh for one-bedroom and Rs 19.95 lakh for flats under the EWS category. The flats were constructed under the General Housing Flat Scheme in 2008. The board would hand over their possession immediately after the auction.

Part of the Dream Weave Walk Network 1998-2012

Committee to rationalize collector rates throughout Panjab

It has been decided to rationalize collector rates throughout the state and a high level committee comprising financial commissioner revenue and principal secretary finance had been constituted under the chairmanship of chief secretary for this purpose. The committee would submit its report to the council of ministers for a final decision.

A number of allottees have availed a golden opportunity provided to them to get their immoveable properties (plots/houses etc) allotted by the government or a public sector undertaking or local bodies registered through conveyance deeds at rates mentioned in their allotment letters. Allottees were required to get conveyance deeds executed on collector rate which was linked to present market rate of property and this decision had benefitted a large number of allottees.

Punjab government on Monday waived off the entire registration fee charged for sale and transfer of property among spouses and blood relations in urban and rural areas with immediate effect, giving a big relief to thousands of such beneficiaries.

The decision was to encourage people to go in for legal registration of property rather than adopting ultra vires measures which only fueled family disputes.

Punjab government has brought down stamp duty on the registration of power of attorney for sale of property or transfer of possession virtually to zero as it has been slashed from the existing 2% to 0.5% and that too would be adjustable towards the payable stamp duty at the time of execution of sale deed with respect to that property. On all other powers of attorney a stamp duty of Rs 2,000 will be levied.

Part of the Dream Weave Walk Network 1998-2012

Chandigarh:conversion of leasehold property into freehold

The conversion of leasehold property into freehold in the city will come at a heavy cost.

In a move affecting the owners of nearly 50,000 leasehold properties, both residential and commercial, the UT, in its note sent to the Union Ministry of Home Affairs (MHA), has proposed a land rate of Rs 1 lakh per sq metre against the old rate of Rs 1,710 per sq metre for calculating the conversion fee for sites measuring 50 sq metres to 500 sq metres.

Seeking that the case be taken up on priority, the UT has pointed out that a delay in taking a decision was creating legal complications for it.

Last time, the land rates for calculating the conversion fee had been fixed at Rs 1,710 per sq yard on the orders of the Ministry of Urban Affairs in June 1996.

Accordingly, the UT had farmed the “The Chandigarh Conversion of Residential Leasehold Land Tenure into Freehold Land Tenure Rules, 1996”.

The leasehold properties include 35,000 Chandigarh Housing Board (CHB) flats, 2,000 commercial properties, 4,500 residential properties which come under the Estate Office and the CHB flats being constructed in Sector 63. This does not include 50 per cent of the total industrial plots in the Industrial Area, Phase I and II.

Earlier, former UT Administrator Shivraj V Patil, while turning down the proposal to convert leasehold residential and commercial properties into freehold, had asked the UT to send the case to the MHA.

A senior UT official said ever since the conversion had been put on hold in June 2013, there had been a rise in legal cases.

In the communication sent to the MHA, a reference to three court cases has been made in which the lessees had either moved the Punjab and Haryana High Court or the consumer court seeking relief for conversion.

Part of the Dream Weave Walk Network 1998-2012

Saturday, April 25, 2015

Tepid Response to Ecocity II in Mullanpur

Greater Mohali Area Development Authority (GMADA), Eco City, Phase II, at New Chandigarh (Mullanpur), has received a tepid response.

It is perhaps for the first time that the authorities have given the application forms, worth Rs 100 each, to nearly 400 employees of the Punjab Urban Planning and Development Authority (PUDA) and GMADA free of cost.

Only 1,350 application forms have been sold for 334 plots.

Recession and overpricing are being cited as the reasons behind the lukewarm response.

“Plots in the area are being offered at much lesser rates by farmers, who have opted for the land-pooling scheme under the project,” plots of sizes 100 yards and 150 yards, the rates of all other plots were lesser than that fixed by GMADA. “Against the GMADA rate of Rs 21,000 per sq yard for a 200 sq yard plot, farmers, who got plots under the land-pooling scheme during land acquisition, are offering it at Rs 19,000 per sq yard. Similarly, for a 300 sq yard plot, GMADA has set Rs 21,000 per sq yard whereas the market rate is Rs 16,500,”

The market rate of 400 sq yard and 500 sq yard plots was much less than that fixed by GMADA, “Against the GMADA rate of Rs 23,000 per sq yard, the market rate is Rs 15,000 per sq yard,”

Among the land owners, 42 per cent have opted for the land-pooling scheme under the project, worth Rs 600 crore. Under the scheme, the land owner gets residential plots of different sizes up to 1,000 sq yard and one commercial plot of 100 sq yard against each acre of land acquired by the government. The scheme was opened on March 9 and will close on April 30. The draw of lots will take place on June 5.

Part of the Dream Weave Walk Network 1998-2015