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Developers in Haryana Get State Govt Help
In what could be a major relief to real estate developers in Haryana, the state Government proposes to double the validity of the licence period of commercial housing projects to four years instead of the present two years. The work at construction sites in Gurgaon and other areas had almost come to a standstill and the government was under tremendous pressure to provide some relief so that the projects could be given a breather in view of the economic downturn.
It has also proposed to revise the payment schedule of the licence fee in different areas. The developers are to pay cent per cent licence fee along with the application but with the new rules it would be only 25 per cent of the total fee and the remaining 75 per cent would be deposited after the grant of licence. The developers will benefit enormously with this decision as the licence fee for commercial projects in major areas such Gurgaon is as high as up to Rs 2.5 crore for one acre. Since a majority of such projects are on not less than five acres it used to be somewhere near Rs 15 crore and that too with the application but it has now been reduced to 25 per cent of the total with application forms.
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