DDA announces reduction of amalgamation charges for commercial properties
These decisions were taken in a meeting chaired by Lieutenant Governor of Delhi, Vinai Kumar Saxena on Friday, along the lines of ‘Ease of Doing Business.’
2 min read
The body also plans to launch premium housing scheme 2025 which offers 177 residential Low, Middle, and High Income Groups Flats and Garages, via e-Auction (Archive)The Delhi Development Authority on Friday announced the reduction of amalgamation charges for commercial properties from the present 10% of the circle rate to 1% , with an aim to scale and promote investment and employment in the city.
“This was one of the key reasons for commercial developments migrating to neighbouring cities in the NCR like Noida and Gurugram, where the admissible amalgamation charges were far lower compared to Delhi,” said the authority.
Alongside this, the authority has reduced the multiplication factor for auction of commercial properties from the present rate of twice the circle rate to 1.5 times the circle rate. “This will catalyse greater investment and participation of real estate developers in commercial development in the city,” said the authority.
These decisions were taken in a meeting chaired by Lieutenant Governor of Delhi, Vinai Kumar Saxena on Friday, along the lines of ‘Ease of Doing Business.’
This move, according to the authorities, comes from the recommendations of a High Level Joint Government- Industry Task Force constituted by the LG. It observed that higher amalgamation charges and multiplication factor on the circle rates led to great disparity and created a bottleneck in property transactions as developers were discouraged from proceeding due to the financial implications.
The DDA also approved changes of land use of Narela, “this is in order to create an education hub, development of Multi Sports Integrated Stadium and Sports Complex with overall development of the sub-city,” the official statement said.
The body also plans to launch premium housing scheme 2025 which offers 177 residential Low, Middle, and High Income Groups Flats and Garages, via e-Auction, at prime locations including Vasant Kunj, Dwarka, Rohini, Pitampura, Jasola, Ashoka Pahari among others.
Meanwhile, a decision to facilitate an amount of Rs 50,000 per month for HIG flats and Rs 38,000 per month for MIG flats towards rent for residents of Signature View Apartments during the period of reconstruction, was also taken.
You May Like
Photos
