Maya's New Township Policy Hits Rroadblock
Despite attractive incentives such as exemption from stamp duty on the cost of land and a single-window clearance, the Uttar Pradesh government’s ambitious new township policy has hit a roadblock. With only five private developers showing interest in developing new townships in four cities in the state, the state government has decided to extend the last date for submitting proposals by a month, reports Financial Express.
The last date for submitting proposals under the new township city scheme was earlier fixed at September 23. The proposals that have come so far are for the four cities of Lucknow, Agra, Saharanpur and Moradabad, the report added.
According to the report, the open-ended new township policy had invited builders to develop new townships with modern amenities on an 1,000-acre area outside the purview of the local development authority with a minimum investment of Rs 1,000 crore.
What was interesting about the scheme was that the state government had offered to acquire the entire land for the township through its development authorities under the Land Acquisition Act and transfer it to the developer company on lease for 90 years. This was seen as a major sop as acquisition of land is the first hurdle for any developer, the report said.
It may be mentioned that the government had set a target of attracting investment to the tune of Rs 10,000 crore under its new township city scheme and had directed housing department officials to invite developers from other states and give detailed information of the scheme. The government is keen to promote and facilitate private investment in developing new townships as there is a big gap in housing and infrastructure facilities especially in large cities in the state, it added.
Source: Realty Plus
The last date for submitting proposals under the new township city scheme was earlier fixed at September 23. The proposals that have come so far are for the four cities of Lucknow, Agra, Saharanpur and Moradabad, the report added.
According to the report, the open-ended new township policy had invited builders to develop new townships with modern amenities on an 1,000-acre area outside the purview of the local development authority with a minimum investment of Rs 1,000 crore.
What was interesting about the scheme was that the state government had offered to acquire the entire land for the township through its development authorities under the Land Acquisition Act and transfer it to the developer company on lease for 90 years. This was seen as a major sop as acquisition of land is the first hurdle for any developer, the report said.
It may be mentioned that the government had set a target of attracting investment to the tune of Rs 10,000 crore under its new township city scheme and had directed housing department officials to invite developers from other states and give detailed information of the scheme. The government is keen to promote and facilitate private investment in developing new townships as there is a big gap in housing and infrastructure facilities especially in large cities in the state, it added.
Source: Realty Plus