Reddy announces two-third reduction in land use conversion rates

New Delhi, June 20 (UNI) The Urban Development Ministry today provided a substantial relief to shop owners and mixed land users by reducing the existing conversion rates for land use by two-third.

Announcing this at a press conference, Urban Development Minister Jaipal Reddy said that conversion charges commercial establishments and shops in residential areas (efg categories) had fixed at Rs 192 per square metre against the existing Rs 572 per square metre, Rs 511 per square metre for (C&D categories) as against Rs 1533 per square metre and Rs 767 per square metre in (A&B categories) as against Rs 2300 earlier.

He said the Government, which would be issuing the notification to this effect tomorrow, would however levy parking charges for such establishments on 50 sq metre plot of land. All small shops measuring upto to 20 square metre would be exempted from parking levy.

The Government's decision followed a large number of complaints received by it against heavy conversion charges and recommendations of a committee set by the Ministry to advise on the issue, Mr Reddy said.

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