Patna: Bihar Government’s lackadaisical attitude towards formulation of a Master Plan for last 40 years has taken a toll on the state’s real estate sector. Besides, absence of suitable Building by-law [BBL] has also added to its woes, turning the real estate activity in limbo, President, Credai-Patna, Narendra Kumar told Gharabari.com on Thursday.
“Nearly 1200 residential and commercial housing projects have came to a halt and are stucked due to legal hassles, thanks to a Patna High Court order ruling against the projects of above 11-mtr height (Normally G+3 apartments) promoted by private developers, where there is absence of 20-ft road in the site area,” he said. The HC has made the above ruling in response to a PIL filed by Nagendra Mishra, a local citizen in the past.
Speaking about the Draft Master Plan [DMP] released in August this year, he added that,” it is subject to many loopholes and has been kept open for public feedback and suggestion. Apparently, the DMP will materialize by January’ 2015.” But before that, an appropriate BBL should be framed by the Government, he said to Gharabari.com.
It is to be noted that, the last date for submitting feedback on the DMP has been extended to November 15.
The real estate sector in Bihar which has been abuzz with activities in the year 2005 has been completely in doldrums due to policy paralysis from the Government. The State Government almost have been mum to have taken any initiative to improve the sentiment.
“The State has no Public-Private-Partnership [PPP] projects in the offing. Government has not created any land bank so far to help developers coming out with mega housing schemes. It’s the developer who has to take initiative from his own to acquire land and build projects,” Kumar told Gharabari on Thursday.
Adding to the sector’s woes, there are many illegal structures which need to be regularized from the Government’s end through One-Time-Settlement [OTS] scheme, in line with other states. It will clear the logjam to certain extent, he explained.
Besides, absence of clear-cut EWS housing policy with lack of visibility from the government’s end to provide affordable housing mars the already beleaguered sector in the state. Also the property prices in Bihar have not corrected much, despite property prices in India fell by 9.1 per cent on-an-average, according to an IMF survey, which has turned investors worried and taking a cautious stance in the property market, the Credai-President had said Gharabari.com earlier in an interview.