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We just got to know latest news on real estate industry that Haryana Urban Development Authority has set the upper time limit for finishing minimum construction on residential and commercial plots. There will not be any upper limit of the time within which the allottee is needed to complete the minimum compulsory construction.Previously, the allottee had to finish the minimum construction within 2 years from the date of ownership. It is considered that after the expiration of 12th year, further extension in period of erection would be permitted on payment of allowance fee at double the rates of the previous year.Conversely, this would not apply to plot sizes upto 100 square meters for which the rates would endure the same as in the 12th year except and until enlarged by the expert. Additional, in regard of commercial sites up to two storeys or more than two storeys the rates for allowance fee would be two times or three times of the rates for residential plots, correspondingly. According to authorities, 50 per cent allowance in the allowance fee would be allowed in case of plots allocated to opposition people including innovatoryarmies. The repayment in extension fee to women and widows would endure to undergo in force.These rates of postponement fee would be appropriate from the date of issue of this policy and the predominant allottees would be required to pay the extension fee at the revised rates for any extension to be sought after the coming into force of this policy. However, the allottees would not be required to pay any differential amount for the extension fee already paid by them afore the date of issue of this policy. Paras rai is a writer who frequently write about Neharpar faridabad property like buy property in faridabad, real estate services in faridabad.
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