Real estate sector all set to stand tall

Chief minister Vasundhara Raje has slashed the District Level Committee (DLC) rates for agriculture, residential and commercial land by 10 per cent and announced that the rates will not be increased during fiscal 2018-19.

The CM said the decision has been made in consideration of demands by several institutions and provision of ‘affordable houses for common man’.

There were also provisions made to provide some relief to the real estate industry, which was under pressure due to a slowdown.”In the wake of the slump that the real estate industry has been witnessing, residential plots of 3000 square metres and above will be given an additional 5 per cent relaxation in valuation,” the CM said.

The budget, at the same time, has also proposed construction of affordable houses by the housing board in the public-private partnership mode.

Rural properties in the periphery of urban areas have also been provided relaxation and will be registered taking into account agriculture land rates.

These, along with various other incentives,have seen a relaxation in stamp duty charges. This is expected to boost the real estate sector.

The budget has also proposed having 3 D Building Infrastructure Model (BIM)for building plan approval.The project will be initially implemented in the four ‘smart’ cities …read more