What is Meant by a Layout Regulation Scheme?
Layout Regulation scheme is required when any construction is in a Municipal area and is unauthorized, so it can be regulated under this scheme but it must be confirmed by the concerned local body. The government has now reduced the development charges for the regularization of the plots or layouts and extended the scheme for one year. This will help the real estate market in a better way. Now regularization of unapproved plots and properties will be easier as the rules have been simplified. For example, prestige apartments in Bannerghatta road which are yet to be approved will now become easier to do so just because of the implementation of the layout regulation scheme. This is certainly a very fruitful decision and step taken by the government and the real estate market is about to see a new resurrection.
Format and motto of the layout regulation scheme
- The regulation scheme will be applicable for layouts formed in the Chennai Metropolitan Area between 5th August 1975 and 20th October 2016.
- For rural areas outside the Chennai Metropolitan Area, the scheme will be applicable for layouts formed between 29th November 1972 and 20th October 2016.
- Lastly, in case of urban local bodies outside the Chennai Metropolitan Area, the regularization scheme will be applicable for layouts formed between 1st January 1980 and 20th October 2016.
- Prestige Park Square will come under the last scheme and it is expected that the project and the area will be highly benefited because of this regulatory scheme.
- In order to help the poor or underprivileged and middle class develop the properties, the government has also exempted the plot buyers from paying open space reservation charges. This is certainly a drastic yet a very rational step taken in the light of productive real estate profit.
- The new amendments to this regulation scheme have given relaxation for all layouts.
- The development charge for regularization of one sq. m of land incorporation areas has been reduced from Rs. 600 to Rs. 500, respectively. Revised development charges for regularization of plots in municipalities ranges from Rs. 310 to Rs. 210 per sq. m.
Regulation of unapproved layouts actually entitles the applicant to get building permits from the competent authority. Civic amenities, for example, roads, water supply, drainage, streetlights are provided subject to total payment of all required charges by all plot owners. The unapproved layout areas are brought into the fold of planned development of the towns or cities. Hence, all these are necessities for a smoother and easier way of handling real estate market.
Layout formation is the basic process and if the unapproved plots and layouts can be set with easier and more lucid methods and regulations, then nothing better than it! This should be carefully noticed that this scheme is applicable only for plot owners who have registered sale deed executed prior to the date notification of the rules. The unapproved Prestige apartments which are registered prior to the stipulated dates can only taste the benefit of this scheme.