Odisha government plans 25,000 housing units in Cuttack and Bhubaneswar – ET RealEstate

BHUBANESWAR: The state government is planning to roll out housing projects with more than 25,000 dwelling units, mainly for the lower and middle-income groups in Bhubaneswar and Cuttack, soon. This would be one of the biggest housing stocks being built by the government at one go in recent years.

Housing and urban development secretary G Mathi Vathanan said if things move as planned, the tenders for some projects totalling 20,000 housing units, may be floated as early as April. “We will take project-specific approval from the government,” he added.

“As the city grows, one wants to buy space rather than land. Now our main focus will be on housing and capitalising on the vertical space. We have given top priority to vertical structures, especially in Cuttack and Bhubaneswar. In the next one year, more than 25,000 houses may be rolled out in the two cities,” Vathanan said.

The bureaucrat further said the government intends to target the middle and lower-income groups (monthly income up to Rs 25,000) because this segment is not catered to by the private sector. The projects will be floated by the Bhubaneswar Development Authority (BDA), the Cuttack Development Authority (CDA), the Odisha State Housing Board (OSHB), among other agencies, he added.

The government has identified around 200 acres of land in Cuttack and Bhubaneswar for the housing projects. “Part of the land will be monetized by involving private developers and money generated from that will be used in constructions. Since the constructions will come up on government land, the cost of housing units will be far less than the market price,” the housing and urban development secretary said.

Private builders will be involved in completing the housing projects, in exchange of which they will get land to develop high-end properties and sell them at market price. However, the prices of the stocks in individual projects for the middle and lower-income groups will be decided by the executing agencies such as BDA, CDA and the housing board.

Government sources said the houses for the economically weaker sections (monthly income below Rs 7,500) will automatically grow as every project with 2,000 square metre area has to compulsorily reserve 10% of the built-up space for the EWS category.

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Reply by Feb 9 on non-appointment of authority for registration of AAOs: Odisha HC – ET RealEstate

CUTTACK: The Orissa high court has set February 9 as deadline for the state government to give a reply on non-appointment of a competent authority for registration of Association of Apartment Owners required under the Odisha Apartment Ownership Act, 1982.

Initially, under the Odisha Apartment Ownership Act, 1982, the director of town planning, was appointed as competent authority under the Act. However, with the amendment of the Act in 2015, the power of director of town planning as the competent authority had ceased, and a new competent authority was to be appointed.

Dilip Kumar Jena, a resident of Kausatav apartment in Bhubaneswar’s Patia area had filed a petition seeking judicial intervention against the state government’s inaction in appointment of a competent authority since amendment of the Act five years ago.

When the petition was taken up for hearing through video conference on Monday, lawyer Mohit Agarwal appearing on behalf of the petitioner contended that not a single association of apartment owners in the state has been registered due to non-appointment of competent authority and an absolute vacuum-like situation is prevailing.

Taking note of it, the single judge bench of Justice S Pujahari issued notice to the state government and asked the state counsel to take instructions in the matter by February 9, the date fixed for next hearing.

According to the petition the amended provisions of the Odisha Apartment Ownership Act, 1982 prescribed formation of an association of apartment owners to undertake the maintenance and use and upkeep of common facilities in the apartment.

Accordingly, every association of apartment owners ought to have its bye-laws and the owners of the flat ought to subscribe to the said bye-laws. The bye-laws were to be submitted and registered with the competent authority so as to ensure compliance of the bye-laws.

The petition said the director of town planning had moved the principal secretary, housing and urban development department for appointment of the competent authority through a letter on April 15, 2017, but the same has not been complied with, the petition said.

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Raipur: Debt recovery tribunal quashes PNB housing’s notice to home buyer – ET RealEstate

RAIPUR: In a significant order providing relief to a person who faced financial crisis during lockdown, the debts recovery tribunal has quashed the notice issued by public sector bank’s housing finance company, allowed the applicant to deposit the remaining amount and issue sale certificate and handover possession of property purchased through e-auction.

Kamlesh Verma, a resident of Shanti Nagar colony, had filed an application under Securitization and reconstruction of financial assets and enforcement of security interest Act (SARFAESAI) 2002 for quashing the notice issued to him by PNB Housing Finance forfeiting his deposit and seeking other reliefs.

Applicant’s counsels Nirnay Gupta and Shreyas Dubey said Verma had participated in the e-auction for purchase of an immovable property in Raipur district and was declared successful for bidding at a price of Rs 9.60 lakh. The applicant had deposited Rs 96,000 pre-requisite earnest money for participating in the bidding process. The PNB housing finance granted him 15 days’ time to deposit the remaining amount of the reserved price and the applicant deposited the second instalment of Rs two lakh on May five this year.

During the argument before the debt recovery tribunal Jabalpur, which had its sitting at Cuttack, applicant’s counsels argued that due to the pandemic spread all over the world and lockdown being departed throughout the nation, the financial health of the applicant became sensitive and he could not overcome the financial burdens because of continuous lockdown and loss of business. Hence, the applicant persistently requested PNB housing to grant a few months’ time to deposit the remaining amount to get the physical possession of immovable property and sale deed registered in his name.

However, the housing finance company on June 30 issued a forfeiture letter and informed the applicant regarding the deficiency in full payment along with re-auctioning of the secured asset, according to the order. Later, the applicant approached the tribunal alleging that the housing finance company went ahead for re-auction despite his willingness to pay the remaining amount.

After hearing both the parties, the debt recovery tribunal presiding officer P Ravi Kiran passed an order noting the submission of the applicant that he could not deposit the amount due to CoVID-19 pandemic situation and his willingness to pay the balance amount.” If the applicant has not paid in time 25 per cent of sale confirmation amount within the stipulated period, it was the duty of the financial institution to issue forfeiture letter but the financial institution issued such a letter only after receipt of Rs 2 lakh and after three months 10 days of auction which is not permissible under the law”, the order said.

The tribunal quashed the notice and letter of the financial institution and directed PNB housing finance to allow the applicant to deposit the balance amount of Rs 6.64 lakh within 30 days, issue sale certificate and handover possession of immovable property within 15 days from the date of deposit of the amount.

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