Giving a huge relief to lakhs of middle class people, the municipal administration and urban development (MAUD) department has withdrawn the mortgage rule for construction of residential houses on plots of the size of 100 sq metres and above and has given more relief to individual residential constructions as well as commercial buildings.
“A GO to this effect will be issued on Wednesday,” outgoing MAUD principal secretary T S Appa Rao told TOI.
Middle-class residents and builders have been up in arms ever since the state government changed the rule six months ago to invoke the mortgage clause for houses coming up on 100 sq mts of land. By this clause, the owner or builder will have to either mortgage 10 per cent of the built up area or one floor to the respective municipal authority. This is to ensure that if the builder or owner deviates from the sanctioned plan, the civic authorities will have the right to penalise him. Before this new rule came into force, the mortgage clause was applicable for only those constructions that came up on plots of the size of above 200 sq mts. Now, the state has decided to give further relief to both residential and commercial constructions.
According to the new rule, the mortgage clause will be applicable for individual residential constructions on an area above 300 sq mts and commercial constructions beyond 200 sq mts.
More News: timesofindia
Tags: commercial buildings, Hyderabad Real estate, individual residential constructions, MAUD, mortgage rule for construction, municipal administration and urban development (MAUD), municipal authority, TOI
