The trend doesn’t signal a weakening market; rather, a healthy recalibration towards price equilibrium, said analysts
The order stated that the committee to be chaired by head of the technical department of the municipality would include the head of the engineering section and three specialised engineers from the technical department. The task of the committee will be to examine the old buildings and decide their fate whether they can stand test of time and weather any longer and can be repaired. If the panel determines that these old buildings are beyond repair, it will recommend their demolition.
If the committee decides to demolish a building, it has to seek the assistance of experts particularly in conducting tests at the municipality's building research and quality laboratory.
The results of the tests and the committee's report recommending the demolition have to be submitted to the municipality's director general for approval. The committee should mark the buildings requiring demolition and at the same time has to inform the landlords in writing asking them to approach the municipality within two weeks to take the necessary measures for undertaking the demolition. The announcement should contain all the details about the property, its location, size and other details in addition to the photograph of the building.
The order warned landlords against ignoring the municipality's summons and announcements that the building will be demolished in any case whether the owner approached the civic body within the specified period or not. The municipality will demolish the building and pass on the expenses to its owner without being held responsible for any consequences.
The trend doesn’t signal a weakening market; rather, a healthy recalibration towards price equilibrium, said analysts
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