Flat owners will have to pay lease money individually in Rajasthan.

Flat owners will have to pay lease money individually in Rajasthan.

RM | June 19, 2017 | Monday

Jaipur: Big news for all those living in multi-storied buildings Apartment they will now have to pay the lease money individually. Earlier, the developers used to collect money from the flat owners and deposit it with the state government. After this, Municipal Corporation will seal the flat of individuals who defaults on payment of lease money.

In a recent meeting with urban development and housing (UDH) officials, developers of the city demanded to collect the lease money from the owners after the flat is sold and transferred. Gopal Das Gupta, Chairman, CREDAI Rajasthan said, "The civic bodies used to seal the entire apartment if any individual failed to deposit the lease money. This caused inconvenience to developer and other owners. We have requested the state government to collect the lease money individually."

Other than this, the developers earlier have also presented a 20 points memorandum to the state government. As reality market is facing slump the developers also demanded to deposit betterment levy in installments. "It takes minimum two years to complete a project. The state government charges 25% of the reserve price as betterment levy at a time when project is initiated . Our demand was to take this hefty amount in installments as a major burden for developers." added Gupta.

The developers who are facing several complexities to register with Real Estate Regulatory Act (RERA) website have also demanded to simplify the process. The developers have to provide details of 49 points, which are mentioned in the registration form. The process is complex and it requires two- three days to collect substantial documents for one point. To avoid delay, developers in the state are demanding easier norms.