Saturday, 16 August 2014

UNION GOVERNMENT TO RE-DEVELOP PROPERTIES

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With the Union government progressing to redevelop existing properties prime locations within the 2 metros Mumbai and Delhi,the real estate firms corporations here square measure set to expertise another boom.

In partnership with non-public belongings corporations, the centre proposes to beat shortage in workplace and residential areas in these metros. It plans to demolish the present single or two-storey buildings. In industrial and residential areas to create multistory structures and optimize the employment of prime realty in its possession. Realty corporations can gain from residential flats or house within the redeveloped properties. They’ll conjointly gain, from annuities, rental payments being thought-about by the govt. in part of enterprise construction, finance and risks attached these comes. 

The move can address to a good extent the matter of steep property costs within the urban centers. The problems of unaffordable housing costs will be effectively addressed by public-private partnership. With this, the govt. would be ready to add one large integer are workplace house and sixty 61,000 homes or flats in city. Another 43,000 flats would be created out there for the city police. Similarly, twenty five large integer area unit workplace house and thirty 4,000 homes would be developed in national capital to beat shortage of residential house for the govt.officers, ever increasing list of former ministers, members of parliament and retired government personnel. Another 20,000 homes needed for the city Police would be made on the present realty control by the govt. agencies.The communicating department conjointly wants residential house. 

The planning panel and ministries of urban development, railways, defense and finance square measure being consulted on this initiative.The ministries of defense and railways might not be a part of the move to redevelop government properties. though the 3 services army, air force and navy square measure in would like of residential and workplace areas, the ministry can execute its own plans, Excess land in cantonments would be utilized for this purpose. 

Once the policy to redevelop the govt. properties is finalized, a biding method are going to be place in situ to pick the partners for the comes.A model concession agreement would set the traditional and industrial terms beneath that the 64000 estate majors can participate in these comes.The govt. can extend the re-development of its property in Bangalore, Madras,Hyderabad, Kolkata, Ahmadabad and Pune.

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