Builders unhappy with changes to Punjab's property law, say will slow down sales

Punjab's new property regulation act requires promoters to own 100% of project land before development, aiming to curb malpractices and price fluctuations. Developers express concern over slowed development and revenue impact, while buyers anticipate increased transparency and choice.

BATHINDA: The promoters of housing projects in Punjab are unhappy over a notification issued under the Punjab Apartment and Property Regulation Act (PAPRA), 1995, saying that it will slow down the pace of development, thus impacting revenue generated by the state govt from the sale and purchase of properties.
The notification aims to ensure transparency and curtail the practice of acquiring only a part of the land out of the total land area of any project before developing it. It also enforces strict norms over the recovery of external development charges. Unlike relators, prospective buyers feel they will have more choice and transparency, preventing them from being fleeced by realtors and potentially avoiding brisk fluctuations in plot prices.