Apartment & Property Regulation (Amendment) Bill tabled in Assembly
Shimla: Himachal Pradesh government today tabled the Himachal Pradesh Apartment & Property Regulation (Amendment) Bill in the state assembly by amending existing ‘HP Apartment & Property Regulation Act 2005′ to make it more suitable for present circumstances, considering raising haphazard constructions by promoters and real estate developers at various places.
State Urban Development and Transport Minister Mohinder Singh Thakur tabled the Bill, which would regulate 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.
To check haphazard construction being done by promoters, it has been proposed that certain areas should be designated where promoters may be allowed to raise construction.
The minister said that as per existing provisions, the promoters are required to furnish security by way of bank guarantee or by demand draft on account of 25 percent of developmental charges, which is refundable to the promoters.
The minister also said that in order to make best use of this security in the interest of HIMUDA, it has been proposed that instead of bank guarantee the promoters should deposit the said security by way of bank draft. Further, it has also been proposed that the development charge may be charged at the rate of Rs 5 lakh per bigha or part thereof.
He said that the Bill is proposed to make the provisions of the Act more effective and stringent, as it has been proposed to increase the quantum of fine from contravention of the provisions of the Act.