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HUDA Changes Plot Sale Norms
Posted by Pradeep Sadanapalli | August 14, 2008 | 523 views
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Loading ...The Hyderabad Urban Development Authority has been forced to revert to its earlier mandate of forming layouts and auction individual plots to people.
With big developers showing no interest in buying land in bulk from Huda, the Chief Minister, Dr Y.S. Rajasekhar Reddy, directed the agency to develop layouts on its own.
Official sources said a decision in this regard was taken at a high-level meeting on resource mobilisation on Tuesday. The move is likely to provide some relief to people as they can buy plots at rates cheaper than the ones developed by private agencies.
The slump in the real estate market had its worst effect on the state’s plans to mobilise funds by selling its land in July. Though Rs 715 crore was realised out of the targeted Rs 790 crore, Huda contributed Rs 500 crore by mortgaging its land.
The Andhra Pradesh Industrial Infrastructure Corporation, for the first time, fell Rs 200 crore short of its target of Rs 300 crore while the AP Housing Board’s contribution was also not up to the target.
Sources said the principal secretary (finance), Mr I.Y.R. Krishna Rao, suggested the formation of layouts and development of infrastructure besides sale of these plots through auctions. The Chief Minister is believed to have suggested that the size of each plot could be between 500 sq. yds and 1000 sq. yds.
The Chief Minister also expressed displeasure over the fact that the agencies repeatedly showed court cases as an excuse for the slowdown in sales. He asked the officials to engage efficient lawyers as standing counsel and end litigation as soon as possible.
SOURCES:
Deccan Chronicle
Topics: Govt In Action, Real Estate |
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