Himachal Pradesh government approved the Himachal Pradesh Apartment and Property Regulation (Amendment) Bill in the state Assembly by amending existing ‘HP Apartment and Property Regulation Act 2005 to make it more suitable for present circumstances, considering rise in haphazard constructions by promoters and real estate developers at various places.
State Urban Development and Transport Minister Mohinder Singh Thakur presented the Bill for discussion and approval of the House after the Question Hour which was later cleared by a voice vote.
The Congress members had chosen to lodge a silent black badge protest in the House over filing of an FIR against its member and so the Opposition did not participate in the discussion over the Bill.
The Bill has provisions for regulating the promotion of construction, sale, transfer and management of apartments on ownership basis.
The Bill would also regulate colonies and property transactions and also registration of promoters and estate agent in the state.
The Bill seeks to check haphazard construction being done by promoters and brought provisions by designating certain areas where promoters may be allowed to raise construction.
As per the existing provisions, the promoters are required to furnish security by way of bank guarantee or by demand draft on account of 25 per cent of developmental charges, which is refundable to the promoters. The best use of this security would be made in the interest of HIMUDA.
With enactment of this bill, the development charge may be charged at the rate of Rs 5 lakh per bigha or part thereof.
The Bill also made the provisions of the Act more effective and stringent, increasing the quantum of fine for contravention of the provisions of the Act.
With the rapid urbanisation in the country, real estate industry and construction industry in India is moving towards rapid growth serving as a vital sector in the Indian economy. It is expecte More
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