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Unique Marodia

Unique Marodia
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Gurugram authority forms four teams for the takeover of 11 private colonies

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Unique Marodia
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Municipal Corporation of Gurgaon forms four teams that comprises of an executive engineer, assistant engineer and junior engineer. The teams will conduct survey in private colonies to prepare a cost estimate to improve deficient infrastructure.

Gurugram authority forms four teams for the takeover of 11 private colonies

Gurugram: On Thursday, the engineering wing of the Municipal Corporation of Gurgaon decided to create four teams for the survey of 11 private colonies and their poor infrastructure. The decision came after when MCG commissioner Mukesh Kumar Ahuja directed the officials to focus on the takeover of these private colonies.

The four teams created by MCG comprise an executive engineer, assistant engineer and junior engineer. The teams formed will conduct the surveys in 11 private colonies to prepare a cost estimate to improve deficient infrastructure.

A meeting will be held on September 22 in the MCG commissioner’s office to review the survey report. One of the officials said,” The teams have to submit estimates of deficient work to be carried out in the private colonies within 15 days,” in a letter by the superintending engineer-2 to engineering wing officials on Thursday.

The teams comprising of executive engineer Satpal, assistant engineer Krishan Kumar and junior engineer Rahul Khan will provide the survey for private colonies such as Mayfield Garden, Malibu Towne, and Vipul World.  Rosewood City and Uppal Housing will be surveyed by executive engineer Satpal, assistant engineer Krishan Kumar and junior engineer Kapil. The cost estimate for colonies like Sushant Lok-2 and 3, Greenwood City and Ardee City will be conducted by executive engineer Sundar Sheoren, assistant engineer Waseem Akram and junior engineer Milan and Rahul. Another team of executive engineer Naveen Dhankar, assistant engineer Dinesh Kumar, and junior engineer Harikishan will survey in DLF-4 and 5.

The decision came after Wednesday when the MCG commissioner directed the officials to form a special team for the cost estimate to improve deficient work in these 11 colonies. The initiative of taking over of colony was announced by Haryana chief minister in 2017. Although eight of the colonies have provided their consent for the takeover there are 3 more – Ardee City and DLF-4 and 5 which the department didn’t receive any response from, said MCG official.

As per the plan, the civic body will handle utility services such as water, drainage, roads and street lighting. The goal is to identify poor infrastructure and prepare an estimated cost to completed pending work. However, if some developer fails to complete the work within the period, MCG will carry out work at the cost of the developer.

In 2019, the state government told the MCG to fasten the takeover process. The department is now getting help from DTCP for the information of the building plan, layouts of storm water drains, water and sewerage lines, parks and plots and years of construction and community status in these colonies.

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Kabul real estate is down 50% compare to Delhi and Mumbai real estate prices

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Unique Marodia
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Property dealers in Kabul say that property rates and rental incomes have gone down to 50% due to continuous migration.

Kabul real estate is down 50% compare to Delhi and Mumbai real estate prices

New Delhi: Since the Taliban takeover of Afghanistan the country is facing some serious economic crisis. A clear sign of this can be seen in the country’s real estate industry. The real estate market of capital city Kabul is showing signs of a serious downturn in property prices and house rent in the past few days.

According to a reports by Afghanistan based news media Tolo News the property and house rental rates are reduced to 50% suggested by some property dealers.

Since the economy is not performing well the dealers noted that businesses in the country are not working as they used to work, and due to this not many people are interested in buying houses. People living here either don’t have money to purchase a property or they are migrating to foreign nations.

A Kabul based property dealer who works in this sector for the last 13 years said, “House rent prices have fallen approximately by 50 per cent. If before this a house was rented for 20,000 Afs, now its rent is 10,000. The prices will fall further because people are migrating and are not interested in living in the country,” when talking to Tolo news.

Though most of the real estate sector is badly affected, some residents are seeing opportunities in this downturn in rent prices. Some say the housing sector in Kabul will become affordable for many who still haven’t got their salaries since the power shift.

On the other, Delhi NCR saw an increase in real estate prices since the last decade. According to property consultant firm Anarock, property prices in Delhi NCR have gone up by 19% between the 2010–Q1 to 2020 Q1 period.

Across India, property prices grew by 38% on average across seven major Indian cities since the last decade. Pune shows the maximum increase of 67% followed by Bengaluru at 49% and Hyderabad at 45%. Real estate rates in Kolkata grew 44%, and the Mumbai Metropolitan Region tapped a 33% increase.

Published by- Aman Rawat (Zee Media Bureau)

Noida authority may reduce property transfer charges in their next board meeting

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Unique Marodia
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Officials at Noida authority are asked to hold the meeting next week but they are awaiting final decision from Authority chairman Sanjeev Mittal.

Noida authority may reduce property transfer charges in their next board meeting

Noida: The Noida Authority is looking to reduce property transfer charges. The decision may be finalized in the next authority meeting on September 24.

Officials say they were asked to hold the meeting next week but the authority chairmen Sanjeev Mittal is yet to finalize the decisions.

The Noida Authority Chairman also holds the position of infrastructure and industrial development commissioner. He is also leading the special investigation team on probing the Supertech Emerald Court case and is yet to submit the report to the government related to case.

In the next week board meeting, the Authority will finalize the decision for bringing down the property transfer charges. Realty businessmen, RWA and flat owners have been petitioning the government to reduce the transfer charges that they have to bear to Authority while selling their properties.

In June 2020, the Greater Noida Authority reduced the price of property transfer charges to encourage real estate transactions in the city. However, the authority is yet to justify the rates.

The Authority is looking to reduce the transfer charges to 5%, which is currently at 10% of the existing land premium for Institutional and commercial plot owners.

The non-functional industrial plot transfer charges are 10% of the land premium and for operational properties the charge is at 8%. The Authority may reduce the price by 50% for both and make it 5% and 4% respectively.

The Authority is charging Rs 720 sq. mt. to Rs 1980 sq. mt. for residential flats and apartments. Transfer charges for flats are yet to be decided in the next meeting. The people living in residential communities who own residential plots, kiosks and shops have to pay 5% as transfer charges when they sell their properties to new buyers. Charges for such properties may be brought down to 2.5%

General Secretary of the Noida Federation of AOA, Rajesh Sahay said, “The state government will continue to generate revenue from stamp duty as the number of transactions will go up.”

Meanwhile, U.P. chief minister Yogi Adityanath is due to visit Dadri on September 22 and for his visit the district administration and development authorities are making the required preparations.

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ED to SC It has attached properties worth 4.79 crore of former-Amrapali director

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Unique Marodia
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Court appointed forensic auditor Pawan Kumar Agarwal said Rs 10.29 crore was outstanding against Prem Mishra disputing the claims of ED. The amount was recorded in the forensic audit and in the 2019 court judgement.

ED to SC It has attached properties worth 4.79 crore of former-Amrapali director

The ED (Enforcement Directorate) on Monday told Supreme Court that they had attached properties worth Rs 4.79 crore of an ex-Amrapali director. The team is currently investigating his transactions of diverting the home buyers’ money through different shell companies.

The Supreme Court bench of Justice UU Lalit and Ajay Rastogi was told by Additional Solicitor General Sanjay Jain, representing ED, that attached properties were acquired by unethical means by Prem Mishra who was a director in the Amrapali Group. He raised this amount by diverting home buyer’s money from the firm by creating fake invoices, bills, and fraudulent transactions.

Forensic auditor Pawan Kumar Aggrawal appointed by the Court disputed this claim made by ED and stated that Rs 10.26 crore was the outstanding amount against Prem Mishra. The amount was recorded in the forensic audit and the 2019 court judgment.

The top court asked Sanjay Jain to provide a copy of the ED status report and the attached properties of Prem Mishra to the forensic auditor, so Mr Aggrawal can co-relate the information and submit the report later this week.

The court also told the ED to assist the forensic auditor with the details.

Representing Prem Mishra, Senior Advocate Vikas Singh said that if a proceeding of appearing comes before the court then Mr Prem should not be asked to appear before the ED.

Meanwhile, Noida Authority moved to the top court seeking revoke of orders made on June 10 last year, which led the court to cap the interest at 8 per cent charged by the authority for outstanding dues of land against the 15 to 23 per cent interest rate. The hearing will continue on September 20.

The top court gave the warning to flat buyers of Amrapali Group who are not clearing their dues as per the payment plan on September 3. It also said that the buyers shouldn’t stay delusional as their units can be cancelled and will be considered an unsold inventory.

The court stated that it found that buyers are under false impression that the court is ensuring the construction of their flats and managing funds whereas they can pay their dues whenever they feel like.

On August 13, the top court had said that there are two groups of home buyers–first category is of 9,538 home buyers who have neither registered so far in the Customer Data maintained by the office of the Receiver, nor have made any payments, subsequent to the judgment of the Court in July-2019.The second categories of 6,210 home buyers are those who have registered themselves in the customer data but they have not made any payment since the court judgment of July 2019.

The NBCC had earlier told the top court that at present, 10 projects in Noida and 12 projects in Greater Noida are under execution involving 45,957 units with sanctioned project cost of Rs 8025.78 Crores.

On August 14, the Supreme Court initiated the cancellation of booking of 9,538 flats of the Amrapali project that are unclaimed or booked in the name of fraudulent names or Benami property or to fund stalled construction projects.

The Supreme Court verdict of July 23, 2019, to crack down on fraudulent builders for breaking the trust of innocent home buyers and ordered the cancellation of registration of Amrapali Group under real estate law RERA, and cancelled its land leases from prime properties in NCR.

The Supreme Court in its verdict stated that directors of Amrapali Group Anil Kumar Sharma, Shiv Priya, and Ajay Kumar were to be sent to prison.

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Government will hand over 13,500 land titles to families: Kerala CM

By
Unique Marodia
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Stated in his Facebook Post, the Kerala CM said the “pattayam mela” for land distribution will be held on Tuesday in 14 district centers and 77 taluk centers in Kerala.

Government will hand over 13,500 land titles to families Kerala CM

THIRUVANANTHAPURAM: On Monday, Kerala Chief Minister Pinarayi Vijayan announced that the Kerala state government will be launching an initiative to ensure land and housing to all the landless people for the next 5 five years. The land ownership or ‘pattayam’ will be given to 13,500 families.

In his recent Facebook Post, the CM stated that the “pattayam mela” initiative for land allotment will be held on Tuesday in 14 district centres and 77 taluk centres across Kerala.

Besides this, he also stated that government’s aim is to allot land to eligible people in the state within 5 years and provide housing to all scheduled caste communities in the same time period.

The initiative of providing Rs 10 lakh worth of houses and lands to the poor will be expanded in near future to benefit more people from the initiative. The government is also taking steps to provide at least one acre of agricultural land to all tribal communities, he said in his Facebook post.

He further said that to counter the land problem of tribal communities, the government will be making extra efforts by using wasteland, surplus land and leased plantations to make sure marginalized section gets their fair share in the society.

The CM said the initial goal of land allotment to 12000 could reach a mark of 13,500 due to process simplification changes being made in the allotment process.

He said the government will set up a special land bank to transfer land to the poor and landless families. The authority will also conduct a survey to identify the right beneficiaries.

For carrying out the digital survey INR 339 crore as the first installment, has been sanctioned under the ‘Rebuild Kerala’ initiative of the state and the survey is expected to be completed in four years, Vijayan said.

CM also said that due to the central government approving the Unique Tandapere project, the Kerala Government can acquire new land for distribution to the landless families.

He also stated that government will take initiative to find the surplus and illegally held land.

The CM mentioned that the previous LDF government had also launched the same initiative to distribute land to a large number of deprived families who had been deprived due to the technical glitches and legal issues.

Between 2016 and 2021, there were about 1.75 lakh pattayams allotted to the landless which is an all time record for Kerala, he said.

Published by– PTI

The Chinese real estate billionaire is fighting to save his debt-ridden company Evergrande

By
Unique Marodia
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BEIJING: Hui ka Yan in Cantonese for 62- years-old was at one point China’s richest man who loved luxury labels had exclusive yachts and praised China’s communist party for steering the real estate economy of the country.

The Chinese real estate billionaire is fighting to save his debt-ridden company Evergrande

From rural poverty to becoming a real estate tycoon, Xu Jiayin tracked China’s growth for almost two decades, but is now fighting to save his Evergrande conglomerate which is under tons of debt.

The 62 years old was at one point, China’s richest man with a taste for luxury labels, exclusive yachts and a nose for praising the Communist Party that steered the economy to a home ownership boom.

Evergrande is under hundreds of billions of dollars of debt as it looks for a downright collapse that could have a ripple effect on the world’s second-largest economy.

“China’s property developers — and their creditors — appears to be approaching a reckoning,” analysts quoted in a note in Capital Economics.

Expert warns Evergrande is on the verge of collapse, which can negatively impact banks, bondholders, and home buyers.

The total debt of Evergrande is gone up to 1.97 trillion yuan ($305 billion) last week. This increase in debt can lead to the risk of defaults by the company.

The company started to go downhill when the government imposed the “three red lines” on developers in a state crackdown in August 2020 — impacting Evergrande to sell its properties at higher discounts.

During the 2017 speech, the billionaire whose mother died when he was a year old recalled his early childhood when he only ate sweet potato and steamed bread in his whole school years.

“The sheets I laid, the quilts I covered, and the clothes I wore were all covered with piles of patches,” Xu said.

“At that time, my greatest wish was to go out of the countryside, find a job and be able to eat better food.”

At the end of the Cultural Revolution — he wasn’t able to find work after completing school in 1976.

Xu studied metallurgy and got work at a state-run steel factory.

He then went to Shenzhen in 1992, the economic centre of China’s reform and opening-up experiment in the 1990s, before founding Evergrande in 1996.

When Evergrande completed its first project of 323 apartments, it sold completely in half a day, earning the company 80 million yuan.

Evergrande embarked on extensive development, building coveted homes in China and capitalizing on the rapid accumulation of wealth.

Evergrande was listed in Hong Kong in 2009, the group raised 70.5 billion yuan and 42.2 billion yuan in an IPO. This led to Xu becoming the richest man of mainland China with a net worth of 42.2 billion yuan.

In 2010, Xu acquired a Guangzhou football club called Guangzhou Evergrande and invested in world-class players and welcomed newcomers to the club. Xu helped the team to become 8 times league champions. The group also invests in electric vehicles, tourism and bottled water.

He also has a private jet and Australian media reported that he used the jet to explore Sydney development opportunities in 2014.

Xu also became known for his love of luxury brands, especially the French brand Hermes. French brand Hermes earned the nickname “Belt Xu” after Xu was seen wearing the Hermes belt at the national political conference in 2012.

Some people say Xu got this success because of his close relationship with the brother of former premier Wen Jiabao.

“Without the resumption of the national college entrance examination, I am still in the countryside. Without a state grant of 14 yuan, I couldn’t go to university. Without the country’s reform and opening up, Evergrande is not what it is today,” Xu said.

“Everything of Evergrande is given by the Party, the state and the society.”

But due to President Xi Jinping leading a campaign of “common prosperity” against vast wealth, Xu is facing government pressure for his extreme wealth.

In 2017, he was estimated to have a wealth of $43 billion, according to a report of the Bloomberg Billionaires Index.

But due to the government crackdown, it went down to $9 billion and having to lose $14.5 billion just at the start of this year, Evergrande looking at collapse.

Published by– AFP

How commercial lease restructuring can help during covid-19 lockdown

By
Unique Marodia
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Lease-restructuring is gradually becoming more innovative and less limited which creates a win-win situation for both landlords and tenant.

How commercial lease restructuring can help during covid-19 lockdown

Due to Covid-19 and the ensuing economic crisis many companies have asked their employees to work from home. Prolonged office closures have forced the companies to rethink their real estate obligations such as rent and general maintenance costs. This situation has put the property-owners in a fix who are constantly being asked to help from their tenants and therefore many are willing to restructure their leases which can help them retain tenants.

The trend continues while many commercial tenants are choosing to renegotiate their lease and take this opportunity before it’s too late. Times have changed and the idea of rent restructuring has become more innovative, creating a situation that benefits both landlords and tenants. Offers are not limited to lease deductions, deferrals and early termination but includes various portfolio features such as financial reporting, critical date management etc. The best restructuring option for creative developers is to strike creative deals to retain or attract new tenants.

Below is an example of a strategic approach to lease restructuring. 

 Rent Abatement: The pandemic has put a pause button on expansion plans for many companies that require more effective negotiations with their owners. However, most landlords do not find that lowering rents is economically viable and give tenants the opportunity to relax in several ways, including waiving the utility bill (CAM). At the same time, landlords offer a longer free initial rental period to attract new tenants.

Rent Deferment: Rent Deferment gives tenant time to relax as they only have to pay the amount with or without interest at an agreed time in the future.

Early Termination: Though tenants always expect landlords to negotiate or allow them to terminate the lease early but only a handful of landlord agree to this.

Blend and Extend: In this case, when there are multiple leases with the same landlord, tenants can do blending rents, escalations and lock-ins to reach beneficial terms for the aggregate portfolio.

Burning the security deposit: Adjustment of paid security deposit of the lease with the rent payable is also an option when agreed with landlord on acceptable terms.

Rent escalation on warm-shell: Recognized by a leading biotech company that escalations must be paid on warm shells but not on fitted-out spaces because furniture and fixture value depreciates with time.

How lease restructuring help

Landlords can increase the value of their property by keeping their tenants for longer leases. Many owners of properties also find that long-term rentals are safer because they don’t have to spend time looking for new tenants. Retaining tenants can help landlords avoid vacancies and tenants can find peace in the current uncertainty and enjoy the continuity of the lease.

Changing the lease structure gives tenants and landlords flexibility and allows them to adapt to future business plans. Both sides can provide some degree of stability in times of uncertainty which can help change economic conditions.

First published by– Rahul Arora

Benefits and exemptions may be the key to probe in Supertech twin tower case

By
Unique Marodia
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Sources say Emerald Court allotment was made in 2004 and the Building Rules of 2016 were applicable. In June 2006 and in November 2010, the building rules were revised once again by the authority.

Benefits and exemptions may be the key to probe in Supertech twin tower case

The Noida Authority in its period from 2004 to 2012 made many changes to the system, and this is during the same period when most housing projects were approved by Noida Authority. The randomness in the selection process for benefits and exemptions granted to developers at that time raised the attention of officials on Tuesday. The official said the process of selection was shady and the decisions subsequently made.

Noida Authority official shared details of five notifications that were related to changes in building regulations and purchasable floor area ratio (FAR), among others, with the UP government’s four-member special investigation team (SIT), which was given the task to investigate the case after Supreme Court on August 31 ordered the prosecution of official and the demolition of Supertech’s Emerald Court twin towers, pointing towards consent between the Noida authority and the developer.

“We were unable to understand what yardstick has been used while doing out benefit and exemptions,” said a senior official with Noida’s planning division.

“It appears that benefits and exemptions were offered according to the revised rules but in an arbitrary manner while violations were ignored or overlooked.”

The Supertech Group was given approval to revise its twin tower project original plan which lead to an increased height of 40 floors eventually and for this Noida Authority has to revise its building regulations twice during the same course.

Many sources say the Emerald Court allotment was made in 2004 and then the Building Rules of 2016 were applicable. In June 2006 and in November 2010, the building rules were revised once again by the authority.

All the revised plans for the twin tower project got clearance from the authority in December 2006, November 2009 and again in March 2012.

Sources say the other project name Aster 2, a close project to Emerald Court twin tower was also awarded the completion certificate in April 2008. The construction for both projects were allowed in June 2012 without informing the RWA authority.

The investigation would likely be divided into three sections- the period from November 2004 to November 2009, then up to December 2012 when RWA moved to Allahabad High Court and the third section till August 2021.

Although some official names and other involved will be provided to the state government by Thursday evening before the investigation deadline. But SIT may ask for more time to identify the role of other officials involved in the case.

The SIT team will also question the former and present Noida employees and even record their statements. On Wednesday, SIT team is also likely to visit the tower and speak to members of the Emerald Court RWA.

The SIT investigation team comprises of Sanjiv Mittal team head, additional chief secretary (rural development) Manoj Singh, additional director general of Meerut zone Rajeev Sabharwal, and chief town and country planner Anoop Srivastava.

Noida CEO Ritu Maheshwari, additional CEO Neha Sharma, an officer on special duty housing Avinash Tripathi and general manager Ishtiyaq Ahmed along with senior planning manager Vaibhav Gupta were also available in the morning meeting of SIT.

The opinion of Srivastava will be of great importance to identify the issues in Authority officials.

Published by– Shalabh

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Over 50% flats are found surrendered in DDA housing scheme 2021

By
Unique Marodia
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Senior DDA officials point out that people who surrendered their flats raised the issue of high flat prices compared to similar real estate costs. Many in DDA claim that private builders are offering cheaper flats in the same area.

Over 50% flats are found surrendered in DDA housing scheme

Located near Jasola-Shaheen Bagh Metro station lies Jasola Pocket 9B, one of the communities which is a part of DDA’s 2021 housing scheme. The housing scheme was on-sale for 14-floor HIG flats costing between Rs.1.97 crore to Rs.2.14 crore.

DDA claimed this to be one of its most ambitious projects in terms of connectivity and infrastructure. The scheme comprises 3 BHK flats with size of 170 square meters including a multi-level parking facility and a three-tier in-house water management model. The area has excellent connectivity to various key hotspots, like NCR-Okhla barrage is 3km away and connects to Noida; Okhla road connects to South Delhi and is only 30 minutes distance from Faridabad.

However, when a team of Indian Express visited the scheme on Friday, six months after the draw of lots on March 10, they found only security guards. More than 80% of the HIG flats in Jasola and MIG flats in Dwarka under the 2021 housing scheme were found surrendered. They were empty as most people have yet to move in.

Almost 50% of the flats in locations such as Dwarka, Jasola, Manglapuri, Vasant Kunj and Rohini are surrendered by the people forcing the land-owning agency to conduct another round of lots.

175 out of 215 HIG flats in Jasola and 296 out of 352 in Dwarka Sector 19 are surrendered. These flats were put up for sale last week of which only 79 waitlisted applicants were given purchase approval, but most of them remained unsold.

In Dwarka Sector 19 B, the 11-floor MIG flats have vacant space for parking and retail shops on the ground floor. Each block contains three lifts. The flats have two rooms and a hall, a kitchen, and a bathroom with a total area of 12 square meters. These flats were priced at Rs 1.1 crore.

A supervisor of the flats said, “Covid has affected people’s income. This could be why many did not take up these flats, even though they are built well. There is a big park right in front and abundant parking for over 900 vehicles. There is certainly a drain nearby, but we don’t get the smell till here.”

Explaining the issue, DDA Commissioner (housing) VS Yadav said, “It takes time for people to deposit money, but the agency is ready to give possession.” To resolve the issue, recently landowning agency has extended the payment date due to the pandemic.

When asked, why so many flats are surrendered, he explained, the reason could be ranging from covid to buyers not getting the right choice for the location: “Someone has an office near Jasola and would have applied but their name didn’t come in the draw. Another person would have just invested for resale purpose.”

Senior DDA officials point out that people who surrendered their flats raised the issue of high flat prices compared to real estate costs. Many sources in DDA claim that private builders are also offering cheaper flats in the same area.

Unauthorised colonies in Dwarka are also one of the reasons given by the official for rejections in Jasola. A senior official said,” In the case of Jasola, even though the price was competitive, the view that people get from one side is of an unauthorized colony. We saw so many surrenders even though the area has good connectivity,”

The flats in Jasola are estimated between Rs 1.97 crore to Rs 2.14 crore. MIG flats situated in Dwarka have been evaluated between Rs 1.1 crore to Rs 1.2 crore. LIG flats are estimated between Rs 17 lakh to Rs 35 lakh in regions like Dwarka, Rohini and Narela and Janta flats are evaluated between Rs 8 lakh to 30 lakh in Manglapuri and Narela.

First Published by– Abhinav Rajput (Indian Express)

Gurugram Property prices are set for price hike

By
Unique Marodia
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People who are looking for residential or commercial properties in Gurugram now have to pay more as HRERA authority impose new registration fee on promoters.

Gurugram Property prices are set for price hike

People looking to buy residential or commercial properties in Gurugram now have to pay more as the Gurugram Bench of the Haryana Real Estate Regulatory Authority (HRERA) will impose new registration and processing fees on builders for the registration of the new projects.

The high potential area will have a registration fee of Rs. 10 per sq. mt. and the medium/low potential area will have Rs. 5 per sq. mt.

Under the HRERA Gurugram Regulation 2021 (fixing of standards fees to be levied on promoter) a fee of Rs.10 per sq. mt. will be levied on promoters in high potential areas for both residential and industrial projects. Rs.5 will be charged for medium/low category projects. The promoters developing commercial projects in high potential areas now have to pay a whopping fee of Rs. 20 per sq. mt. while the rate for plotted colonies will be Rs. 10 per sq. mt. for all the project categories.

Additionally, the new processing fee is Rs.10 per sq. mt. in residential/industrial/commercial projects and Rs.10 per sq. mt. for the plots in plotted colonies by the authority.

President of Haryana Property Dealers Welfare Association, Suresh Aggarwal said the new levied fees would affect the property prices of commercial and residential projects in Gurugram. “The real estate promoters will pass on the increased cost of the projects to the customers,” he added.

Besides this, promoters also have to pay for 50 per cent of the registration in case of six months delay. The 50 per cent registration fee on promoters will be charged for six months under “delayed registration”.

In case if promoters want to extend their project, they will have to pay half of the registration fee for their residential/industrial/commercial and plotted colonies. Real estate agents will pay an amount of Rs. 5,000 under mandatory registration set by the authority.

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