The BBMP announced on March 18th that it would amend building bylaws to permit the civic body to own the ground floor during the construction of the floor plus-four (or more) floor building in its name till the owner fulfills all building norms.
The proposal is part of its 2017-18 budgets offered on March 18. In the event, if you are constructing a ground-floor-plus-four floor building or above, the ground floor shall be registered to BBMP at a payment of Rs 100. The move is aimed at minimizing building bylaw violations.
Since per the proposal, the ground floor will be released to the owner if she/he adheres to building norms, along with the occupancy certificate. If the property owner has broken the building plan, the ground floor ownership will remain with the BBMP.
According to a senior official in the BBMP’s town planning wing said during 2016, there were many building collapses including a major one in Bellandur. All the building best practice rules violations were rampant. To arrest such illegitimate it is important to ensure that such a certificate is obtained only after the building is built as every the plan.
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The BBMP in its budget plans for town planning also declared that land acquisition for various government projects in future will be done as per the new Copy of Development Rights (TDR) norms.
As per a prominent builder in the city almost all regular projects will be under the Real Estate Regulatory Authority (RERA). Any infringement will be regarded from the RERA perspective. So what was the reason behind bringing this new legal guideline? While the BBMP budget moots taking ownership of the ground floor throughout the construction of a ground-plusfour (or more) floor building to ensure compliance with the home plan, industry is not too thrilled.
A similar guideline has been in practice in Andhra Pradesh and it was drafted during the real estate growth period. The Telengana government removed this condition as well as the infrastructure payment for additional higher FSI in order to have a healthy supply. The BBMP proposal will lower the supply and hence prices should go up. The buyers of Luxury apartments in Bangalore are affected. A building’s life span is between 70 years and 100 years. If there is any building plan infringement, action can be taken anytime by the government by over regulating and making some monetary provisions with which one controls and improves the ultimate price of the product.
Almost all recurring projects will be under the Real Estate Regulatory Authority (RERA). Any infringement will be looked at from the RERA point of view. Why bring the brand new legislation when RERA is merely a month away from being implemented? In the event the government believes someone is doing illegitimate development, it requires a mechanism to determine and penalize them rather than first allowing them and saying you cannot sell it. People who adhere to the law will undergo more. Only time is going to decide if it will be favorable decision for the Real estate in Bangalore or not?
Post By Shrikant Sain