Sort by :
Filter by :
- Originally Posted by RickyyNon-construction charges in Mohali up
In line with plot allotment price hike
Residential plot holders in Mohali who have failed to complete construction on their property within the three-year stipulated timeframe will now have to pay a hefty extension fee for non-construction.
Varying between 2 per cent and 4 per cent of the prevailing allotment price, the charges have been increased several times in the past.
Under the revised structure, an allottee of a one kanal plot in Phases 1 to XI and Sectors 66 to 71 will have to cough up Rs 7 lakh as non-construction fee, calculated at the rate of 4 per cent of the prevailing allotment price of Rs 35,000 per square yard.
Similarly, an allottee of a 10 marla plot in Sectors 76 to 80 will have to pay a fee of Rs 1.5 lakh, worked out at the rate of 2 per cent of the prevailing allotment price of Rs 30,000 per square yard.
“The non-construction fee structure has been revised in line with the hike in allotment prices of residential plots from Rs 12,000 to Rs 35,000 per square yard with effect from June 13”, said a senior official at the estate office of the Greater Mohali Area Development Authority (GMADA).
According to a recent survey conducted by the authority, there are 429 plots lying vacant in various areas of the town, the largest number being in Sector 69.
NK Marwaha, a former president of the Mohali Property Consultants Association, averred the non-construction fee should have been levied on the original allotment price of a plot and not the prevailing price fixed by GMADA.
According to the new fee structure, the urban estate has been divided into three categories.
For plots in Phases I to XI and Sectors 66 to 71 the rate is Rs 35,000 per sq yard; for Sectors 76 to 80 it is Rs 30,000 per sq yard; and for the new sectors (81 onwards) the rate is Rs 25,000 per sq yard. The non-construction fee is charged up to 15 years from the year the plot is allotted, with no fee charged for the first three years.
I agree,this is a loot by GMADA.Extension fee is normally charged on the basis of allotment price and not the current rate.CommentQuote0Flag
- Increasing non-construction charges never works, end result is that people who want to hold to their investments ,just build shoddy make shift houses.
What GMADA needs to do is that they should increase supply by laughing new schemes and forcing pvt developers to complete their projects in a time bound manner. This will stem and reduce prices making housing affordable for the common man. Though it's just a pipe dream, ever increasing inflation and artificial land shortage will keep prices pushing north without any meaningful correction.CommentQuote0Flag
- my 2 cents..
Well, whether it’s good or bad move is a topic for open debate..
From common’s man perspective it’s a good move they don’t want to see ppl buying 4-5 plots and holding them for longer period b’coz that triggers the demand supply cycle, and finally higher cost…the plots are now new commodity.
Now from ppl like is us who is planning to buy 2-3 plots from investment point of view, and plans to hold them for next 5-6 years is definitely a bad move.. it means along w/ the heavy interests (EMIs) that we have been paying to bank we now need to pay this non construction cost as well..
But If the GMADA’s intentions are good (I strongly doubt on that) then irrespective of our personal interests we shd welcome it but the big Qs is why they r starting w/ ground level investors and not from the builders and property consultants.. They are one who manipulates market and plays w/ ppl money, dreams and emotions.