Realtors dithering over regularisation of plots

Though there has been a marked improvement in revenue to the Tiruchi Corporation on account of regularising unauthorised plots, the special scheme of the State government is yet to attract realtors who have promoted unapproved layouts.

According to sources, 354 layouts have 27,576 unapproved plots in the city. As per the Government Order, the promoters or owners of the plots have to get approval for the unapproved plots within November 3 by paying a regularisation fee of Rs. 100 per square metre to the State government and development fee of Rs. 500 per square metre to the Corporation.

Most of the unapproved layouts are said to be in the 61-65 wards, which were merged with the Tiruchi Corporation in 2011. Several areas in K.K. Nagar, Puthur, Vayalur Road also have unapproved layouts.

Out of the 27,576 unapproved plots, just 927 plots have been regularised till August third week. A sum of Rs. 8 crore has been collected by the Corporation on account of development fee. It is still a long way to go for achieving the Rs. 200-crore target fixed by the government.

Sombre mood in the real estate business and difficulties in realisation of vacant sites are said to be impeding regularisation of unapproved plots, although a section of developers have come forward to apply for regularisation. Some feel that the fee for regularisation is too high, at a time when real estate sentiments is on a sombre note.

A real estate promoter said that about Rs. 1.5 lakh was required for regularising a plot of 2,400 square feet. It was definitely on a higher side when the market sentiment was low.

A Corporation official said special camps would be conducted to create an awareness of the need for regularising unapproved plots.

Source