Bengaluru Real Estate Developers Push for Approval of Karnataka Planning Authorities Amendment Rules
The draft Karnataka Planning Authorities (Amendment) Rules introduced by the state government in March are still awaiting approval six months later. This delay is hindering realtors from leveraging the proposed premium Floor Area Ratio (FAR) to add floors. In a recent meeting with Deputy Chief Minister DK Shivakumar, the Confederation of Real Estate Developers’ Associations of India (CREDAI) Bengaluru submitted a memorandum urging swift action.
President of CREDAI Bengaluru Amar Mysore emphasized the need for vertical development in the city, citing other Indian cities like Hyderabad as examples. The organization also sought clarity on Transferable Development Rights (TDR) policy and proposed measures to streamline the approval process for developers.
Furthermore, CREDAI advocated for better infrastructure and cost-reduction measures in the real estate sector. These include lowering stamp duty rates, implementing staggered payment schemes, and reducing taxes on construction materials. The organization is hopeful for positive outcomes during the upcoming GST Council meeting.
Overall, CREDAI Bengaluru is actively lobbying for regulatory reforms to boost the real estate sector and meet the growing demand for affordable housing in Bengaluru.
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