Realty sector shows mixed response
Local developers show mixed reactions as the revised government order (GO 245) on affordable housing issued by the Municipal Administration and Urban Development (MAUD) department on Saturday.
While developers lauded the state government for exempting projects measuring up to 5 acres from the EWS/LIG clause, they rued its decision to lay separate guidelines for the disposal of these units.
The MAUD department will now issue a fresh set of norms to identify the beneficiaries of this scheme. It will also chalk out the procedure that builders have to follow while selling these houses.
The latest GO is an amended version of the 2011 GO that directed builders to reserve 20 per cent of developed land in all projects, above one acre, for EWS and LIG buyers.
Developers had called for changes in the GO order that had brought the city’s real estate market to a complete standstill.
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Source: The Times of India
