A Landmark Breakthrough for Homeowners
The Government of the Union Territory, in a landmark decision geared towards enhancing the quality of life in the cities and helping the property owners, has devised a comprehensive plan which seeks to solve the long outstanding problems in the residential colonies. Following many years of deliberations on policy matters and the persistent endeavors of the Voice of Housing Societies, important decisions were reached in a high-level meeting conducted by top ranking officials. The most important development in this regard was the elimination of the highly controversial ‘1.2 factor,’ which was used by the Chandigarh Housing Board. The new development will help reduce the conversion charges for leasehold to freehold by 30%.
Fostering Transparent Urban Development
In one of the most important initiatives taken in order to enhance living standards and provide relief to the property holders, the administration of the Union Territory has announced a comprehensive plan to address various issues raised by the housing societies. The administration agreed to make necessary changes after years of dispute over policy and continued effort made by the Voice of Housing Societies at a crucial internal meeting. The crucial change came when the controversial '1.2 factor', used by the Chandigarh Housing Board, was officially scrapped. This crucial change comes as a result of removing the unjustified practice of inflating the land area by 20% that results in 30% reduction in the conversion charge of leasehold to freehold properties.
Summary
The Chandigarh authorities have successfully dealt with many concerns associated with existing real estate by eliminating erroneous calculation methods, which has resulted in a 30% decrease in fees for flat conversions.
