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Punjab still grappling with illegal housing colonies

CHANDIGARH: Even as the Punjab Urban Planning and Development Authority is in the process of finalizing a housing policy, the state currently has 1,565 illegal colonies. As per a report compiled by the housing and urban development department, a total of 3,324 applications for regularization of unauthorized colonies were received and out of these over half have been disposed of despite a change in policy. Similarly, there are as many as 17,004 unauthorized buildings/plots in the state that have not been approved. This figure remains even after disposing of 1, 36,856 applications over the past few years for individual...

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SBI home loan at 8.35% interest rate: What you should know

Eligible borrowers of SBI home loans can also avail an interest subsidy up to Rs. 2.67 lakh under the Pradhan Mantri Awas credit-linked subsidy scheme. In line with the government’s push on affordable housing, State Bank of India or SBI is offering an interest rate of 8.35 per cent on home loans up to Rs. 30 lakh. Eligible borrowers of home loans from SBI, which last month cut its home loan interest rates to the lowest rate in the market, can also avail an interest subsidy up to Rs. 2.67 lakh under the ‘Pradhan Mantri Awas Yojana’, a government...

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Check list: Things to keep in mind when buying a home post-RERA

There’s a new box to check when you’re house-hunting. How soon will the project be registered under RERA? On May 1, Maharashtra joined a small community of states that have notified the Real Estate (Regulation and Development) Act aka RERA. All developers with ongoing projects must now apply to the regulatory authority to register them, within three months. Once registered, they must upload project details on the RERA website (maharera.mahaonline.gov.in) and provide quarterly updates on construction progress as well as commencement, occupation and other certificates required before flats are handed over to buyers. “Developers could now begin tweaking projects...

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Punjab realty check: Buyers, note! Projects approved as plotted houses, but sold as floors

Private builders in Punjab are offering independent floors in violation of the rules. Builders get building plans approved from a municipal body for ‘plotted development’ and sell them as ‘independent floors’. The violations are taking place within the jurisdiction of different municipal bodies across the state. Under the municipal building bylaws, there are no provisions for ‘independent floors’. These building rules, applicable within the jurisdiction of municipalities, set norms for residential categories such as ‘group housing’ and ‘plotted development’. All building plans must comply with these rules otherwise are deemed illegal and unauthorised. Violations galore Builders are not only...

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Home sutra: Vastu tips for choosing the right apartment

By following the rules of Vastu, the ancient science of designing living spaces, one can attract prosperity, health and an overall well-being. Most homebuyers want Vastu-compliant apartments these days. If you are one of them, here are some Vastu tips that will help you choose a Vastu-complaint apartment. The apartment must be constructed on a rectangular or square-shaped land. Irregular shapes such as hexagonal or triangle are considered inauspicious. Inspect the open space for the presence of ponds near the south and the west direction. This is considered inauspicious. Ensure that pumps, bore wells and lawns are based in...

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