Government extends concessions to realty sector
Extends the facility of payment of City Level Infrastructure Impact Fee in instalments
Oct 14, 2014
Source : The Hindu
Real Estate

 

Hyderabad: The Telangana government on Monday issued orders offering concessions to real estate sector by extending the facility of payment of City Level Infrastructure Impact Fee in instalments. The fee could be paid in six equal instalments within a period of three years.

The order by the Municipal Administration & Urban Development Department was issued following representations from real estate representatives seeking extension of the facility which had lapsed in January 2014. The City Level Infrastructure Impact Fee is collected for buildings above 15 metres of height to ensure development of infrastructure facilities.

The builders are required to hand over post-dated cheques for the fee at the time of release of building permission subject to insisting of mortgage of additional five per cent built-up area or 50 per cent of the ground/first/second floor area, which ever is less, to the sanctioning authority.

In September 2012, the Andhra Pradesh government had extended the facility of fee payment in instalments till January 2014 after real estate sector had represented that it was in the process of recovering from the adverse effects of recession.

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