Plan permissions for buildings are now valid for five years

Plan permissions for buildings are now valid for five years

CHENNAI: Promoters now have a bigger cushion time to deal with issues that delay realty projects, with the state government extending the validity of planning permissions to five years from the earlier three.

The government’s amendment to Section 50 of the Tamil Nadu Town & Country Planning Act, 1971 comes at a time when demand for office space in the city is on the rise. Experts say the move will help developers of large construction projects such as IT parks, special economic zones (SEZs) and multi-tower apartment complexes.

Chennai Metropolitan Development Authority (CMDA) member secretary C Vijayaraj Kumar said the government’s amendment of the act, by a recent order, came into immediate effect.

CMDA sources said the deve lopment will help builders avoid the trouble of renewing planning permits if they cannot complete a project within three years. The earlier rule allowed builders to apply for extensions of up to three years, a CMDA official said.

“But officials would consider an extension only if the developer had started construction work without any deviation from the sanctioned plan but could not complete the project within the stipulated three-year period,” the official said.

Developers welcomed the move as a shot in arm for a number of large projects in the city and on the outskirts. Confederation of Real Estate Developers Association of India (CREDAI) Chennai chapter president Suresh Krishn said several multiple-block projects earlier required approvals from 64 different authorities and included assessment of their environmental impact.

Source : http://timesofindia.indiatimes.com/city/chennai/plan-permissions-for-buildings-are-now-valid-for-five-years/articleshow/58409033.cms

 

Share Button

Post Author: Property Blogs

Let's Discuss Real Estate, Market Trend, Housing Finance, Government Policies, Projects Evaluation and much more about Property

3 thoughts on “Plan permissions for buildings are now valid for five years

  • Puneet Patil

    (May 15, 2017 - 12:26 pm)

    Thanks for the head up! Will keep this in mind!

  • sumit

    (May 23, 2017 - 5:22 pm)

    These are great tips. A lot of things to know before buying a flat. Thanks

  • harsha

    (June 5, 2017 - 11:42 am)

    It a good initiative by the government this will help the builders to take some more time if the work is not completed within 3 years. Thanks for sharing the blog it was very informative.

Leave a Comment

Your email address will not be published.