There is some light at the end of the tunnel, by media reports, the high court of Tamil Nadu, may modify the present stay order once the land categorization is complete and tabled before the court. When 90% of the layouts in the state are unapproved properties, the govt should also simplify the process of granting approvals and facilitate faster clearance.The real estate market, which is already under severe stress for the last few years, will help to revive real estate sector in the state. Regularization is the solution.
After court orders, my belief is – the properties, which are unsold, unapproved, cannot be sold in future. The properties which are already sold and registered, might be regularized.
Based on previous regularization events, below may happen,
- There might be an govt notification, about a regularization, where by, properties registered before on the day of notification, will be eligible for this scheme.
- For regularization, there would be an list of eligibility conditions notified, ex: property road width should be at least 16 feet, should not fall in industrial, aviation, heritage, monument, hill, defense or coastal zones.
- There might be an penal charges, added with regularization fee. The fee might be based on total area in sq feet, and rate/ sq feet may differ for each limits, like corporation, municipal, panchayat area.
- If it is inside the city, there would be an Open space reservation charge additionally levied.
- There might be an huge raise in regularization fee, comparing last time it was implemented. Expect 25% extra.
- If there is any violations, the district concerned offices, will review case to case and provide approvals.
Things are looking positive for the year 2017. Will add more to this post, once we get some clarity on the govt decision. Hope there would be lot of cheers and improved market conditions ahead next year.