AP News AP News Small investors in ORR feel cheated
| Small investors in ORR feel cheated |
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The scores of middle investors who invested in plots in the Outer Ring Road area are now regretting their decision. The Real Estate brokers hyped up the place and sold the plots to
unsuspecting buyers at abnormal rates. The people too lapped up the
plot with the hope of making a killing. The situation on the ground now
is entirely different.
The government in order to control
haphazard development has issued a G.O imposing restrictions on
constructions in hr ORR corridor. The result, no permission would be
given for construction of houses for plots that measure less than 1400
meters. This means all those who purchased plots ranging from 200 to
1,000 yards are now left with a plot that can not put to any use. And they can’t even keep it lying as the administration is planning to impose even on open land. Even big builders are facing the heat as group housing project will be permitted only on an area that is bigger than 15 acres in size. The net result is that a square yard which was sold at 10,000 rupees per sq.yard is now going fro 3,000 rupees. The small plot owners plan to approach the government and submit a memorandum to relax the rules. Soruce Bwaves             |
