CREDAI Odisha Presses For Reduction In Charges For Joint Development Projects

Bhubaneswar: The Confederation of Real Estate Developers’ Association of India (CREDAI) has reiterated its demand for reduction in charges on development basis real estate projects.

“Owing to the huge charges applicable on both issuance and cancellation of power of attorney (POA) of a land taken up on the basis of joint development projects, the real estate sector in Odisha is being adversely affected. The developers are unable to take land, make approval and sell property as the state government has imposed unreasonable charges on land owners for issuance of POA to do business for joint development projects,” said CREDAI, Odisha Chapter Chairman DS Tripathy.

The unreasonable rates shoot up prices of houses, forcing the developers to sell houses at higher rates. So, the government should take one percent or Rs 50, 000 (whichever is higher) instead of unnecessarily charging a staggering seven percent on the market value of the land, Tripathy added.