AMENDMENT OF TOWN & COUNTRY PLANNING ACT, 2020 TO BOOST REAL ESTATE IN KARNATAKA


Posted On : June 23, 2020
AMENDMENT OF TOWN & COUNTRY PLANNING ACT, 2020 TO BOOST REAL ESTATE IN KARNATAKA
Very Recently, The Real Estate Sector has come to a standstill even before the COVID-19 pandemic occurred due to the implementation of Demonetization, GST & RERA laws in the country. After the Lock down of country due to Covid-19, huge number of migrants who were employed as labors in the real estate sector have returned back to their natives leaving the real estate sector in a complete crunch. Thus, Karnataka Govt. has brought into effect big changes to property & allied land laws to give a major boost to the Real Estate Sector which is giving major contribution to the state Exchequer & GDP of the Country.


The State Govt. has passed an ordinance on 22nd May 2020 to the TOWN & country planning act. Under the New Amendment act, The Developer shall provide a Provisional plan and Plan of phased development wherein the Developer/Builder can develop the project in three phases. The developer/Builder can develop the first phase with 40% development of the layout and thirty percent in the second phase & remaining 30% in third phase.

Thus after the area earmarked for roads, parks, Playground & other civic amenities of the entire layout area & after completion of the all infrastructure in first phase development the builder has to get the completion certificate from the concerned authority along with first phase development plan and then the developer/builder will be given permission to sell the sites of the first phase development.  The permission to sell will be given only after the registration of the Real Estate Project with RERA.  Similarly the Developer/Builder will be given permission to sell the sites/flat in the second & third phase only after the completion of all infrastructure in second & Third phase development.



Written By:
Sharada H v

Sharada H v

Bangalore

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