All you need to know about Real Estate Investment Trusts REITs
Often one of the most difficult tasks when buying property is confirming whether the plot someone intends to buy has obtained DTCP approvals. It might be a good idea for a buyer to be awaare of to the conditions which would allow a developer to obtain DTCP approval for the plot in question. Today, I will detail some of the conditions mentioned by DTCP when approving plots.
The area of the proposed layout should be more than 5 acres in Corporation, Municipality, and Town Panchayat and should be more than 10 acres when located in rural areas for DTCP to consider a layout for approval.
Procedure for obtaining approval from DTCP
- Submit three sets of applications in the layout application form with necessary enclosures. 7 copies of the layout needs to be submitted.
- The local body will scrutinize the applications and forward the applications to the CLPA/NTDA with their recommendations for approval.
- The technical sections will look into the norms and parameters for development of layout. Inspections will be conducted.
- The proposals will be forwarded to DTCP along with inspection reports, copy of Master Plan, and detailed development plan along with recommendation or resolution.
- Based on the scrutiny of the technical section, the road pattern will be prepared.
- Once the road pattern is approved by the Director, the applicant will need to handover the OSR and road to local body.
- The applicant will also need to pay centage charges to the Head of Accounts.
- Once the receipts of remittance of centage are submitted, the Fair copy of layout will be numbered and entries made in the layout register.
- Three copies of approved layout will be sent to the LPA/NTDA along with the order to move forward.
- LPA/NTDA will send two copies of the approved layout to the local body.
- Once the applicant pays the development charges at the predetermined rates to the Local Planning Authority, it will provide the final approval.