Posted by The cabinet concurrence has occurred only a few days prior to the double bench of Chief Justice Indira Banerjee has been slated to give its verdict.
In a momentous shift, the Edappadi K Palaniswami Cabinet on 2nd May agreed to a proposal to accord regular status to unapproved plots, whereby which would help revive the real estate sector, would stand to gain substantively. The Madras high court had, in September last year, announced a comprehensive veto on both enrollment and re-enrollment of plots located on unapproved parcels of land. About 13 lakh unenrolled residential plots stretching across 26,000 unapproved parcels of land stand to benefit by this Cabinet action. Visit plots in sarjapur road for latest Tamilnadu Real Estate News updates.
The cabinet decision has been made just days prior to the scheduled hearing of the first double bench of Chief Justice Indira Banerjee. The September 9, 2016 court decision had handicapped the registration department, which has been the key revenue generator of the State Government. The state had earned a total income of Rs. 7007.74 crore by way of real estate registration charges and stamp-duty on legal documentation; this showed a drop of 18.16% on comparison with that of the previous year. As a matter of fact, it’s far lower as compared to the revised estimates of Rs. 7,985 crore for the last fiscal, officials claimed. The count of properties enrolled also came down to 20.27 lakh in 2016-17 from 25.28 lakh in 2015-16. “The enrollment program approved by the cabinet also includes the provision for reduced developmental charges for getting enrolled in certain villages. For latest Chennai real estate news and updates, follow villa plots in sarjapur