News: Lock-in period of low-cost housing projects should be junked: DTCP-02-06-2022
In a move that could bring relief to property owners of two low-cost housing projects in Gurugram, the department of town and country planning has recommended that the lock-in period of five years, during which time the resale of units in these projects is not permitted, should be done away with
In a move that could bring relief to property owners of two low-cost housing projects in Gurugram, the department of town and country planning has recommended that the lock-in period of five years, during which time the resale of units in these projects is not permitted, should be done away with.
DTCP officials said the report recommending the removal of the lock-in period has been sent to their headquarters in Chandigarh, and a final decision will be taken by the director, DTCP.
The projects, Apex Our Homes in Sector 37C and Vardan Mantra in Sector 67, are the only two projects that were issued licences under the low-cost housing policy of 2009, which stipulates that flats can be resold only five years from the date of possession. The low-cost housing policy was later replaced by the affordable housing policy of 2013, said DTCP officials, and the 2013 policy has no such lock-in clause.
DTCP officials said allottees of these two projects had submitted that these projects were delayed by almost three to four years and the lock-in norms have ensured that they can’t sell the units for another two to three years. The allottees of Apex Our Homes project was to be given possession in 2016 but were given possession only in 2019 and due to the rules, they are not allowed to sell the flats even 10 years after the project started.The Vardhman Mantra buyers also got possession in 2019, after a four-year delay, and their contention was also the same.
RS Bhath, district town planner (enforcement), said there was a delay of three to four years in giving possession in these two projects. “If one goes by the date of possession, as per the rules, the allottees will not be able to sell the units for another two to three years. After taking into account all aspects and visiting the condominiums, we have recommended that the contention of the allottees is genuine and the waiver may be considered in view of the facts on the ground. The present affordable housing policy also does not prohibit the sale and purchase of units for any specific period of time,” he said
Bhath also said the matter was raised by homeowners in the Sewocon conference held recently. “The director, DTCP, had given directions that these condominiums should be visited and a report submitted on the issue. Accordingly, we sent our recommendation on May 26,” he said.
Licence for Vardhman Mantra project in sector 67 was granted in 2010 for setting up an affordable housing project over 11.262 acres, while Apex Our Home project was granted a licence in 2012 for setting up the project over 10.144 acres.
