[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.|
Bengaluru: A new regulation introduced this year by the stamps and registration department may slow down the process of registration of flats in apartments that don’t figure in the guidance value book. Apartment blocks measuring up to 5,000 sqft, however, face no issues.
The regulation, prospective in nature, says all properties measuring more than 5,000 sqft should be part of the guidance value book before the registration process starts. It requires registration officials to ‘identify’ a housing project and include it in the guidance value book only if the developer possesses approved plans and commencement certificate. It will force builders and developers to comply with planning regulations. A flat can be registered only if the builder produces occupancy certificate.
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Have a nice day.