The decision will lead to increased demand from professionals who can now own their office spaces or business locations, experts said.
Residents of Haryana may soon be allowed to register independent floors in properties located in licensed colonies as a commercial unit, widening the scope of a provision that currently exists only for registering residential units.
The Haryana Development and Regulation of Urban Areas (Second Amendment) Bill, 2023, which amends Section 3-C of the act and was passed by the state assembly, however, made it clear that registration will be limited to one residential or commercial unit on each floor.
Experts said the move may increase demand from professionals who can now own offices or business locations on independent floors.
Haryana chief minister Manohar Lal said there was no statutory provision for registration of independent floors as commercial units in licensed colonies. Such registration was permitted only in sectors developed by the Haryana Shehri Vikas Pradhikaran (HSVP), the state’s urban planning and development agency.
“Therefore, at parity with HSVP commercial development, it is proposed that Section 3-C of the Act may be amended to allow registration of independent floors in case of commercial plots forming part of the licensed colonies also,” the chief minister said.
Experts said the decision is a welcome move for those with limited budgets.
“Buyers or investors may be able to buy a part of the building for self-use or lease and get the property registered. Thus, we may see increased demand from professionals who can now own their office spaces or business locations,” said Ashim Chowdhury, vice president of research at ANAROCK Group.
Most such spaces are likely to be in shops-cum-offices developed by private builders. Developers can now liquidate such inventory, he said.
“We welcome the progressive step taken by the Haryana government,” said Pradeep Aggarwal, founder of Signature Global (India). “This decision showcases a forward-looking approach that will undoubtedly stimulate investment and business growth in the state.”
The passage of the bill demonstrates a commitment to fostering a business-friendly environment while ensuring urban development is streamlined and inclusive, he said. This reform is poised to unlock opportunities for businesses, investors, and entrepreneurs. The flexibility offered will undoubtedly attract both local and global enterprises, further propelling Haryana as an investment hotspot, Aggarwal added.
Source : Money Cantrol