Home Urban Infrastructure News Realty News Gujarat govt amends act for quicker redevelopment of old buildings

    Gujarat govt amends act for quicker redevelopment of old buildings

    1190
    Gujarat Ownership Flats

    The Gujarat Ownership Flats (amendment) bill, which was passed in the state assembly on Wednesday, will allow redevelopment of dilapidated buildings with the consent of not less than 75% of flat or apartment owners.

    Earlier, the consent of 100% of owners was necessary for redevelopment an apartment building. The bill will allow re-development with consent of 74% of owners provided it has been 25 years from the date the permission for development was issued.

    A building can be redeveloped provided the authority concerned has declared the building to be in ruinous condition, or likely to fall or in any way dangerous to persons occupying or passing by such structures.The state government decided to amend the law as re-development of buildings under the prevailing Act was not possible without the consent of every unit owner.

    “It has also been noticed that if such buildings are not re-constructed or re-developed in time, there is the likelihood of risk to the life of residents thereof. With a view to overcome such problems and difficulties, it is considered necessary to amend the Act,” the government said.

    “Allowing re-development through 75% consent will certainly boost the real estate sector in Gujarat. Most importantly, it will provide opportunities to get housing properties within the city limit with all amenities,” said Dipak Patel, former president, GIHED-CREDAI.

    Info- https://realty.economictimes

    2 COMMENTS

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here