So apparently now the developers will not have to submit 5% of their development budgets in banks as guarantee for the CDA. However, they will have to mortgage 10% sellable cover area in CDA’s favor or submit 5% insurance guarantee from a ‘AA rated’ firm.
The government and the civic agency are relaxing too many rules to boost construction. However, it makes one wonder if the things will take a turn on the contrary in the coming future and the developers will be brought to scratch at whim? Like enforcing the rules again and charging them with hefty fines? Right now, the govt is allowing everything but we all know that’s not going to last – if PTI stays in power, don’t you think?