Press Release Summary: The real-estate activity in Hyderabad has virtually come to a standstill, with builders preferring to shelve their plans, thanks to G.O. No. 288. The order, issued a couple of months ago, mandates that builders allocate 25 per cent of the total built-up area for the low and middle-income groups.
Press Release Body: The real-estate activity in Hyderabad has virtually come to a standstill, with builders preferring to shelve their plans, thanks to G.O. No. 288. The order, issued a couple of months ago, mandates that builders allocate 25 per cent of the total built-up area for the low and middle-income groups.
If builders think that this is a dampener, a fresh Order (G.O. No. 470) issued on Friday would add to their woes. It also contains similar provisions for all the development activity within 1 km on either side of the 162-km Outer Ring Road that encircles the city.\"Five per cent would go to economically weaker sections (EWS), and 10 per cent each for low and middle-income groups (LIG, MIG) in all projects that are over one acre,\" says Mr C Sekhar Reddy, President of Builders\' Forum.
The order also stipulates a plot size of up to 100 sq.m for LIG and MIG housing units. Builders, small and big, feel that this would burden the real-estate activity, which has already been running through a very bad patch. \"This is totally unreasonable and impractical. No one is submitting applications of late, fearing that the projects could be unviable,\" says Mr Sekhar Reddy.An agitated Builders\' Forum met the Chief Minister, Dr Y.S. Rajasekhara Reddy, and Urban Development officials to seek doing away with the provisions and look for practical alternatives. The Government, however, argues that this order is in tune with National Housing Policy and Jawaharlal Nehru National Urban Renewal Mission to provide affordable housing to the people.
In case of layout development, the HUDA (Hyderabad Urban Development Authority) should be given 5 per cent of the total area free of cost. The 25 per cent allotment norm to EWS, LIG and MIG holds good here as well.\"The owner of any land or groups of owners and developers who intend to sub-divide or layout the land in such areas into building plots are required to mortgage 25 per cent of the saleable land to HUDA as surety for carrying out the developments and complying with other conditions in the given time. In case of failure, HUDA is empowered to sell the mortgaged plots and utilise the amount for completing the development works,\" says the order.............
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2022
