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Urban Development Ministry hints about hike in land conversion fees

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As per the sources available with www.propertykhazana.com, purchasing of dream residences will be difficult with the Urban Development because Central Urban Development Minister S. Jaipal Reddy stated that conversion charges for lands from cultivation to non-cultivation will be increased. He also said that, “Property conversion prices in Indian Realty segment is very low in most of the states and it must be revised if the country needs to hike funds for the needy peoples,” in National Consultation on ‘Jawaharlal Nehru National Urban Rural Mission (JNNURM). This hike in property conversion prices will be without the interior and exterior charges that an Indian realty builder has to pay.
Mr. S. Jaipal Reddy said at the www.propertykhazana.com that, “Developing a stylish flats or enclave doesn’t assist the needy urban construction workers and the Indian Realty industry must understand that they too have a social cause and concern towards these needy peoples,” this was said in welcoming the contribution from the Indian Realty Industry. This hike in property alteration prices will lead to the problems for every one those who need to purchase residences and the urban development ministry has also planned to make it essential for realty builders to construct 35% of the residences for the needy people at their own budget. This plan had already been included in the Delhi Master Plan 2021.
Source: NIMMA BENGALURU

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