The Haryana State Government took the decision to reduce the minimum area rule for both residential and industrial colonies. This decision is going to work as a medicine for the ailing real estate market in Gurugram and Faridabad as the homebuyers will have multiple options to own a home in these localities.
According to the revised rule, the minimum area required for the construction of a residential plotted colony now stands at 25 acres for hyper, 20 acres for high, 15 acres for medium and 10 acres for low-potential zones.
Prior to the amendment, the minimum area stood at 100 acres each for hyper and high, 15 acres and 10 acres for medium and low zones respectively.
Similar to this, the cap on minimum area required to receive licence for a housing project is also reduced to 5 acres for hyper, 4 acres for high, 2 acres for medium and 1 acre for low-potential zones. All of these were fixed at 10 acres for hyper and high, 2 acres and 1 acre for medium and low respectively.
In case of the industrial plotted colonies also, the minimum area rule is amended to 25 acres for hyper, 20 acres for high, 15 acres and 10 acres for medium and low respectively. Prior to rule revision, the same stood at 50 acres for both hyper and high, 15 acres for medium and 10 acres for low.
Also, the minimum area rule for the low-density eco-friendly colony (one-acre farmhouses) is revised to 25 acres from 100 acres.
The leading developer looked at this development positively and said that revision will prove beneficial to revive the property market and will be an advantage for both the developers and the homebuyers.
A real estate expert the decision will help to develop the leftover localities that are still vacant because of the rules. The expert further said that the State Government will collect revenue in the form of EDC/IDC and the licence fee and this money will be used to develop infrastructure in the city.