Developers in NCR areas of Haryana can jointly develop group housing societies.
The Haryana government has permitted real estate companies to hold joint development and marketing rights for projects that do not entail a change in land use to anything other than what it was originally granted for. Thus, if a licence has been granted to develop a group-housing society, then two or more builders can come together to jointly develop and market that society.
The new policy has been brought by the Department of Town and Country Planning (DTCP) after repeated requests from builders, additional chief secretary of Haryana government, P Raghavendra Rao, said. The directive came into effect on February 18. Experts say this decision will be in the interest of homebuyers as it will help developers complete projects slowed down by cost constraints-on time, as realty firms can now collaborate and share resources.
Rao said builders had repeatedly petitioned the DTCP for joint rights, citing delays in completion of projects and in starting new ones, particularly in instances where actual costs exceeded estimates. Under this policy, real estate companies must seek permission from the director general of DTCP, in all cases that relate to assignment of joint development rights and marketing rights or making alterations to the shareholding pattern of a project if the share variation is more than 25% from the time the licence was granted.