In Haryana, inhabitants might soon have the opportunity to register independent floors in properties situated within licensed colonies as commercial entities. This expansion broadens the reach of a provision that presently pertains solely to the registration of residential units.
The Haryana Development and Regulation of Urban Areas (Second Amendment) Bill, 2023, which revises Section 3-C of the legislation and was approved by the state assembly, explicitly specifies that registration will be restricted to a single residential or commercial unit on each floor.
Mr. Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd. said, “We welcome the progressive step taken by the Haryana government in allowing the registration of commercial properties as independent floors in licensed colonies. This decision showcases a forward-looking approach that will undoubtedly stimulate investment and business growth in the state. The passage of the Haryana Development and Regulation of Urban Areas (Second Amendment) Bill, 2023 demonstrates a commitment to fostering a business-friendly environment while ensuring urban development is both streamlined and inclusive. We commend this visionary step which aligns with our ethos of innovation and development. This reform is poised to unlock a plethora of opportunities for businesses, investors, and entrepreneurs. The flexibility offered by this amendment will undoubtedly attract both local and global enterprises, further propelling Haryana as an investment hotspot. This pivotal move is a testament to the state’s commitment to fostering economic growth and ease of doing business. We eagerly anticipate the positive impact of this decision on the real estate sector and the overall economic landscape of Haryana. Signature Global looks forward to contributing to this transformative journey as we continue to create spaces that resonate with modern businesses and urban aspirations.”
Mohit Goel, Managing Director, Omaxe Ltd said, “Permitting the registration of independent floors in commercial properties within licensed colonies is a progressive move by the Haryana government. It will boost real estate development, particularly the commercial segment in the state. It also showcases the state government’s commitment to creating a thriving business environment and fostering a conducive business environment.”
“This will foster the growth of the commercial real estate segment. The move will create demand, leading to an increase in the prices of residential plots. As the decision allows people to open offices/commercial space on these floors, it will also drive up the rental value,” said Nayan Raheja of Raheja Developers.
Rajjath Goel, Managing Director MRG Group said, “The move to allow registration of independent floors in commercial properties will undoubtedly strengthen the returns on investment, allowing investors a bigger scope of retail space. With this move, the revenue on residential properties will also increase, bringing a boost in returns. Also, the availability of commercial developments on these floors will also ease the life of end-users through enhanced amenities within reach. This showcases the government’s stand on encouraging better business transactions in the real estate sector.”
Kushagra Ansal, Director Ansal Housing said, “In relation to the changing landscape of growing cities, the Haryana government’s move will encourage economic advancement and promote businesses while simplifying administrative processes.”