#RealtyNewsRoundup: Tamil Nadu Draft Rules Mandate Jail For Project Delays [Video]
The Tamil Nadu government is ready to tighten the screws on developers failing to meet delivery deadlines. Developers failing to deliver housing projects in time may land in jail, says the draft rules for the real estate act released by the Tamil Nadu government. The Tamil Nadu Real Estate (Regulation and Development) Rules, 2016, also mandate registration of agents engaged in the realty sector but the rules do not address the vital issue of the single window system.
Despite the commonly perceived slowdown in the real estate sector post demonetisation, Union Minister M Venkaiah Naidu recently said it was the biggest beneficiary of the controversial move as it sparked a fall in interest rates on home loans. Expressing hope that the finance minister will announce more incentives for the sector in the upcoming budget, he said If tax net widens, the interest rates will come down further.
After dragging its feet for several years, the Chandigarh administration recently approved the rates for conversion of leasehold residential properties to freehold. The move will benefit over 50,000 leasehold property owners in the City Beautiful. As per the proposed rates, an allottee of 150 square yard plots in Sectors 1 to 12 would have to pay around Rs 9 lakh as one-time chargeable conversion fee.
Larsen & Toubro bagged orders worth Rs 1,286 crore for construction jobs in the country. The orders include heavy civil infrastructure jobs worth Rs 1,071 crore, including the underground Metro-Link Express for Gandhinagar and Ahmedabad.
Source: Media reports