City Beat: Cash Dries Up, Sales Plummet in Chandigarh But Corrective Measures Come At The Right Time [Video]

City Beat: Cash Dries Up, Sales Plummet in Chandigarh But Corrective Measures Come At The Right Time [Video]

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With cash fast drying out, sales talks have been shelved for now, but there is hope that things will start to look up soon. The data with the revenue department shows that while 127 sale deeds were registered in a month starting October 8, the number dipped to 91 post-demonetisation. The department also confirms that on average, 130 sale deeds were registered in a month, but it is a different story altogether now.

Meanwhile, the Chandigarh administration is set to implement a cashless system. The city's housing board has decided to accept online payments. A minimum service charge would be applicable if the bankers associated with the Chandigarh Housing Board are to provide these services. However, if you are in Chandigarh and experiencing any difficulty in opting for online mediums, payments can be made in cash with the prior approval of the secretary of the board. The administration has also been directed to complete digitisation of land records within a year. A budget of Rs 7 crore has been sanctioned by the central government.

Moving on, a temporary regulator for real estate has already been set up in the City Beautiful. The apex body shall be available to address complaints brought before it until a permanent authority comes into effect, hopefully by April next year. The Chandigarh estate office, municipal corporation and group housing societies would come under its purview, shouldering the burden of consumer forums. As per the norms, if the project is registered in Delhi and executed in Chandigarh, it would fall in Chandigarh. However, at the moment, buyers are in the wait-and-watch mode, expecting prices to tumble post-demonetisation and RERA.

Looks like the rules are getting stricter. As many as 200 residential and commercial properties in Mohali are about to be sealed in a phased manner due to non-payment of property tax. The officials say that they had already sent notices to tax defaulters over a year ago and estimated that about 270 properties were lying vacant. Of this, only a handful of owners came forward to pay the taxes. In case of owners who have settled abroad, their records should be available with the Corporation or Greater Mohali Area Development Authority. According to a report, the administration was keen on using drones to map properties in the city as well as scrutinise any instance of unauthorised buildings or encroachments. The aerial survey is believed to be completed by March next year.

Now, some good news for property owners in the city. In a major relief to home owners, the Punjab and Haryana High Court rapped the Estate Office and said that imposition of a monthly building misuse charge of Rs 500 per sq ft is a disproportionate sum and cannot be forced. The court said the amount of misuse penalty being imposed on the residents was surprisingly even more than the cost of the property itself.

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@@Wed Mar 25 2020 13:11:24