A FLOOR OF YOUR OWN

Months after Haryana government green flagged the registration of independent floors in plotted colonies in Gurgaon, Faridabad and Panchkula, it notified two more ordinances last week.Months after Haryana government green flagged the registration of independent floors in plotted colonies in Gurgaon, Faridabad and Panchkula, it notified two more ordinances last week.
This is seen as a move that could push property prices in these cities and also make the dream of legally owning a house a reality for thousands of people in plotted colonies.With these ordinances - The Haryana Development and Regulation of Urban Areas (Amendment) Ordinance 2009 and The Haryana Urban Development Authority (Amendment) Ordinance 2009 - the registration of independent residential floors as dwelling units for the purpose of transfer, sale, gift, exchange or lease would be allowed in areas like DLF, Sushant Lok, South City and HUDA sectors in Gurgaon and Faridabad.The purchaser desiring registration has to pay a duty as notified by the government from time to time, in addition to the prevailing stamp duty.Sources said that vertical divisions of plots and increase in floor area ratio (FAR) would not be allowed. In addition to the normal stamp duty, 1% extra stamp duty would have to be paid by the party desirous of registering the floor-wise dwelling units through a separate challan.
This 1% stamp duty will be paid by the treasury to the municipal committee/ HUDA depending on where the property in question is located. While this is going to bring huge relief to house owners, there is also a catch for the state government. It expects to generate approximately Rs 200 crore revenue in the form of collection of stamp duty with this single move. Haryana has already lost huge revenue, close to Rs 250 crore in last fiscal, due to the slowdown in real estate sector. Now, people in the realty sector say it is a timely move when the sector is expecting to make a comeback.
According to official sources, revenue in the form of stamp duty collected from sale of property in Gurgaon is one of the single most major revenue generators for Haryana government.Meanwhile, property owners and real estate consultants also claim property prices had peaked in Chandigarh after the government allowed floor-wise registration of houses. Official sources said sections of private developers in Gurgaon in particular had been blocking the sale and registration of independent floors and that that resulted in pushing the sale of flats in multistoreyed buildings and apartments