SME Times News Bureau | 30 Aug, 2012
With the state government deciding to repeal the act that
regulates property business in Himachal Pradesh, the realty sector is likely to
come to a standstill in the picturesque state - at least for a year.
Town and Country Planning Minister Mohinder Singh told the state assembly
Wednesday that the Himachal Pradesh Apartment and Property Regulation Act of
2005 would be repealed and a new comprehensive legislation would be introduced
for urban development and regional planning.
"Until such time that the new law is enacted, no registrations,
essentiality certificates and licences are to be issued (to the realtors) or
renewed under the act with immediate effect," he said.
Representatives of real estate sector say the reality business would remain
dormant for more than a year as this was the last session of the present
Himachal Pradesh is scheduled to go to polls by November.
Citing the recommendations of an assembly committee, Singh said the panel after
examining the act had advised to repeal it.
"The commission headed by Justice (retd) D.P. Sood set up in January 2011
to look into 'benami' (illegal) land transactions and issuance of essentiality
certificates in its report of August 2012 also recommended that the act should
be immediately withdrawn," he added.
"It's felt that a single comprehensive law for urban development and
regional planning which subsumes the objectives of the town and country
planning act of 1977, HIMUDA (Himachal Pradesh Housing and Urban Development
Authority) act of 2004 and the apartment act should be enacted to avoid
jurisdiction overlaps," the minister said.