TN real estate to boom again!

Govt's regularisation scheme to revive biz!
TN real estate to boom again!

The State of Tamilnadu and its capital city of Chennai saw a boom in real estate in the 2000s and since then has been a hub of investment for home buyers. But due to various reasons including natural calamities, the sector went down slowly and this left many in a lurch. And a big blow came last year when the High Court banned registration of unapproved plots.

In a step to help revive the real estate sector in the State, the government on Tuesday approved a regularisation scheme for unapproved plots. Approximately 13 lakh unapproved plots which are spread across 26,000 layouts will come under this. The decision has made promoters and public happy.

A source said that the regularisation scheme approved by the cabinet has also proposed to reduce developmental charges for getting approval in certain villages. A few months ago, the Court asked the State government to come out with a comprehensive policy on this issue. In response to that, the Cabinet decided to regularise the 13 lakh unapproved plots. To get the benefit of the government’s move, plot owners will have to pay regularisation charges which will go to the government, apart from development charges and scrutiny fee which would be netted by the local body concerned.

Chennai Inner

The cabinet nod comes days before the first bench of Chief Justice Indira Banerjee and Justice M Sundar is to decide on the issue. Given the massive conversion of agricultural land into unauthorised layouts, the court imposed a ban last September on transactions of all forms of sale and resale of plots without following norms. The first bench headed by then Chief Justice Sanjay Kishan Kaul had held the registering officials personally liable for violation of the order.

DIP IN REVENUE

The State earned a revenue of 7,007.74 crores through stamp duty and registration charges last year, which is a dip of 18.16 percent compared to the previous year. The new dip is much lower than the revised estimate of 7,985 crores for the last fiscal, say government sources. The number of properties registered has also gone down to 20.27 lakh in 2016-17 from 25.28 lakh in 2015-16. Many industry leaders have welcomed the move, said the regularisation move was an inevitable step.

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