Coimbatore Municipality will be collecting security deposits to prevent violation of Building Law
The Coimbatore Municipality has proposed to collect a fixed amount as security deposits from the builders, so that they will not violate the Building Laws.
The amount will be refunded back to the individual after the completion of the structure and assessment to ensure whether there are any violations in it from the approved building plan.
The security deposit will be forfeited if rampant deviations are spotted in the final assessment of the building after the completion of the structure.
According to sources, the security deposit amount will depend on the size and dimension of the building and it will also vary for commercial and residential buildings in Coimbatore.
The proposed rates to be collected as security deposit is Rs 75 per sq metre for residential buildings while commercial buildings with the same measurement will be charged Rs 150 per square metre.
The authority feels that this policy will be an effective measure to prevent the builders from constructing out of plan structures.
To read more real estate stories:
House reconstruction at Coimbatore
Source: Times of India
