Change in fortunes - Real Estate India

??|?? January 6, 2013 ?? 01:49pm ??|Contributed by manoja

Patiala MC?s decisions may give a boost to realty market here

The realty scene in Patiala is likely to get a forward thrust in the wake of two decisions taken by the civic body recently. The recent decisions of the Patiala Municipal Corporation to clear commercial activity on 12 roads and lifting the ban on sanctioning building plans in 85 unauthorised colonies are being termed as positive steps for a tottering realty market in the city. Both the decisions have been confirmed by the Patiala Mayor Jaspal Singh Pradhan.

While, the new development has given respite to the property owners in these colonies, who were not able to carry out any construction activity, the decision has also brought smiles on the faces of those dealing in the real estate business. According to a majority of real estate agents and consultants, the clearance for commercial activities on 12 roads as will certainly give a boost to the sale-purchase activity, which is at an all time low at present. The realtors also feel that the lifting of the ban will at least allow the end users an opportunity to purchase land to construct residential units.

According to the authorities although the nod for the regularising the 85 colonies, spread over hundreds of acres, had been granted by the general house of the Patiala MC two months back, the building plans were not being sanctioned for various reasons. ?The colonies under question had come up some three or four decades back and have all civic facilities, including water supply, sewerage, roads and streetlights. Hence, the corporation has decided to regularise these colonies. Now with the lifting of ban on the sanctioning of building plans, the present income of Rs 20 lakh per month is likely to be Rs 1 crore?, said Mayor Jaspal Pradhan, while speaking to the Real Estate.

Realtors? take

Though, for the residents, both the decisions have come as good news, what is important is that the main issue of slump in the real estate sector would also be addressed to. Pal Juneja of Juneja Realtors, said, ?the declaration of the roads as commercial will lead to appreciation in land prices in all these areas as owners would like to convert their properties for commercial use or sell the land on commercial rates.?

?Though, it will take some time but now, we expect getting calls from buyers interested in purchasing property on commercial roads from the investment point of view. The commercial property always witnesses appreciation. We are hopeful that at least this year, the real estate business in Patiala will bloom as 2012 was too bad?, said Juneja.

Speaking to the Real Estate, the chairman of Sara Group Satish Goel said the declaration of the commercial roads is bound to give a push to realty sector and the sanctioning of building plans in 85 colonies is a positive sign ? both for the people as well as the real estate agents. ?Earlier, the actual buyer, who wanted to construct a house, was not willing to finalise any deal apprehending that building plans will not be passed but now there will be no legal tangles in all this. We are expecting that more end users are going to finalise deals and this may bring the real estate sector in Patiala out from severe recession?, asserted Goel.

Rajinder Bansal of the Shamsons Colonisers Private Limited, however, was a bit apprehensive about the issue of the sanctioning of building plans. He said that in the past also such decisions had been taken but were revoked later. ?If the building plans are sanctioned in 85 colonies and the civic body ensures residential development in a regulated manner, I am sure that the residential sale purchase will pick up?, he said. Bansal, however, said that as far as the issue of commercial roads was concerned, the move will be lucrative for the government as the Change of the Land Use fee will fill up its exchequer. He added, ?This is a very positive step and was the need of the hour because apart from the residential area, there is requirement for the commercial areas also to meet the day-to-day commercial needs.?

Easing of norms: A view of the Ekta Vihar (top) and Deep Nagar (right) localities in Patiala where now the building plans will be sanctioned by the Patiala Municipal Corporation.

Some of the roads where commercial activities can be carried out now

? Road from Raghomajra Pulley to Ayurveda College

? Road from Gurdwara Dukh Niwaran Sahib (Lamba Flower Shop) to Charan Bagh (Architect Walia).

? Railway Crossing Number 23 to Pratap Nagar.

? Pratap Nagar (Street Number 1) to Railway Crossing 24, to Majithia Enclave and from Gurdarsh Nagar to Kohli Drycleaner (Both sides of Nabha Road uptil Industrial Training Institute Pulley).

? Radha Krishan Temple (Model Toan) to Model Town Dispensary.

? Nabha Road to Gurdwara Sahib Ablowal.

? Bhupindra Road: In front of Caf? point to Meeting Point.

? Dhillon Marg (House Number 43 to Right Hand Side Park on the road).

? First roundabout of the Model Town to the Road connecting the State Bank of Patiala and Punjab and Sind Bank.

? Road near Sunny Jewellers in Adalat Bazaar up to the house of Sri Bali.

Relief for residents

Some of the colonies where the building plans will be sanctioned:

New Bishan Nagar, Sunder Nagar, Sheesh Mahal Colony, Sullar Road, Sidhu Colony, Balmiki Colony ? Tripri, Anand Nagar-A, Anand Nagar-B, Guru Ram Dass Nagar, Udham Singh Colony, Aman Bagh Colony, Darshana Colony, Chand Colony, Virk Colony, Bajwa Colony, Jagtar Nagar, Ravidass Nagar, Pathak Vihar, Raj Colony, Majithia Enclave, Pathak Vihar, Gurdarshan Nagar, Ajit Nagar, New Basti Badungar, Bhan Colony, Manjit Nagar, Ghumman Nagar, Ekta Nagar, Prem Nagar, Guru Teg Bahadur Colony, Deep Nagar, Teg Colony, Heera Bagh, Gobind Bagh, Khalsa Nagar and Arsh Nagar.

Revenue rates

Apart from other fee and charges, the development charges which the Patiala MC will charge while sanctioning building plan in these colonies.

Up to 50 sq yd

Rs 5 per sq yd

Between 50-125 sq yd

Rs 95.11 per sq yd

Between 125-250 sq yd

Rs 161 per sq yd

250 sq yd & above

Rs 256.12 per sq yd

There will be an annual increase of 10 per cent in the development charges.

-TNS

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