HP Assembly approves Apartment & Property Regulation (Amendment) Bill
Shimla: Himachal Pradesh government today approved 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 presented it for discussion and approval of this House after the Question Hour, which was later cleared by voice vote without discussing it. Congress members, who were lodging protest in the House over filing of an FIR against its member, did not participated in the discussion.
The Bill regulates the promotion of construction, sale, transfer and management of apartments on ownership basis. The Bill also regulated colonies and property transactions and also registration of promoters and estate agent in the state. The Bill intends to checks 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, 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. Now it has been proposed that instead of bank guarantee the promoters should deposit the said security by way of bank draft.
Further, with enactment of this Bill, development charge may be charged at the rate of Rs 5 lakh per bigha or part thereof. The Bill also makes the provisions of the Act more effective and stringent, increasing the quantum of fine for contravention of the provisions of the Act.