In the wake of the boom in the realty sector, the government on Wednesday substantially hiked the development charges for real estate promoters, ranging from 50 per cent to 100 per cent across the state. To boost the state’s revenue, the Cabinet had recently decided to increase the development charges.
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The maximum hike has been for areas around Chandigarh, like Mohali, Kharar, Zirakpur and Dera Bassi, that are witnessing large-scale urbanisation with a number of residential and commercial projects being approved under the Punjab Apartment and Property Regulation Act-1995 and mega projects under the Mega Project Policy.
Now, the promoter of a residential colony in Mohali would have to pay development charges of around Rs 1.28 crore per acre against Rs 67 lakh paid as per the previous rates, implying that the end-user would also have to pay more to buy property.
Similarly, the promoter of a group housing project in Mohali would have to pay around Rs 3.65 crore as development charges against the previous rate of around Rs 1.66 crore per acre. In the case of commercial projects in Mohali, a promoter would have to pay nearly Rs 4.60 crore against Rs 2.50 crore charged earlier.
In Ludhiana and Jalandhar, the hike varies between 52 per cent and 65 per cent. In towns like Sunam and Bathinda, the increase varies between 50 per cent and 65 per cent. The rise in the development charges, which include the external development charges (EDC), change of land use (CLU), licence fee besides other levies, is required to be paid by the promoters for approval of their projects. According to the orders issued by the Principal Secretary, Housing and Urban Development, the new charges would be applicable to new projects and extensions to the ongoing projects with effect from April 1.
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