The flagging realty market in Gurgaon and Faridabad received a major boost on Monday when the Punjab and Haryana high court vacated a stay on issuing change of land use (CLU) licences to builders and on acquiring land to develop residential and commercial properties in that part of NCR.
A division bench headed by Justice S K Mittal lifted the stay, accepting Haryana government's submission that it has prepared a sub-regional plan of the area that meets the National Capital Region Planning Board (NCRPB) norms.
In January 2014, the HC had restrained the state from issuing CLU licences to any developer and also stopped land acquisition after hearing a petition alleging unregulated construction in NCR. On Monday, the government argued that the state was not required to take approval of NCRPB because it had prepared a sub-regional plan for the NCR area, in conformity with the observations of the board.
Souce: IndiaTimes
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