Cabinet in Punjab Endorses New Land Sharing Policy Intended for Structured, Eco-friendly Urban Growth
Chandigarh: A Game-Changer Land Pooling Policy
Eager to foster planned and sustainable urban growth in the region, Punjab'shigh-spirited cabinet, under the helm of Chief Minister Bhagwant Mann, has given the green light to a forward-thinking land pooling policy on Monday.
As a spokesperson from the Chief Minister's office explained, the policy is crafted to engage landowners, developers, and corporations as active participants in the development process, thereby stirring up interest in land pooling among the folks who own land. The revamped scheme weaves substantial benefits for small-scale farmers by offering them a multitude of development choices. This boost in options should spark a surge in group housing and designated development projects, ultimately brightening the prospects of the common citizen.
The policy emphasizes the integration of every feather in the development cap, ensuring no stone is left unturned. It's poised to be a breakthrough for the state, furnishing significant advantages for farmers in particular. The new policy puts an end to farmer exploitation and empowers them with direct benefits. In this new era, farmers won't succumb to exploitation by private developers or Land Mafias, as the policy safeguards farmers from coercive tactics by private players.
besides these major reforms, the cabinet also sanctioned partial surrender and cancellation of licenses linked to colonies established under the Punjab Apartment and Property Regulation Act (PAPRA), enacted in 1995. Moreover, a decision was made regarding the cancellation of approvals granted to industrial park projects. On March 10, a policy pertaining to these matters was publicized, focusing on the surrender of licenses for colony development under PAPRA Act and approvals for industrial parks. Thanks to this decision, partial surrender of licensed zones is now viable, subject to certain terms and conditions. Additionally, licenses for such projects can be temporarily suspended or canceled.
To incentivize residential, commercial, and other property plot allottees and bidders to cough up a lump-sum payment of 75 percent of the overall amount, the cabinet authorized a slew of rewards. The reward system comprises a 15 percent discount on plot or site costs, extended to all those who make a lump-sum payment. The Cabinet Spokesperson believes this scheme should stabilize government revenue while concurrently reducing the number of defaulters.
In a bid to drive the state toward holistic development and increase revenue generation, the cabinet endorsed hiking external development charges, altering land use charges, licensing fees, and other expenses applicable to real estate promoters.
Turning to the nitty-gritty of the land pooling policy, the policy is structured to be entirely voluntary, with no pressure or compulsory land seizures. Before any development commences, farmers must single out their intention in the form of a No Objection Certificate (NOC). Upon signing the NOC, farmers could reap returns of up to 400% on their land investment by receiving developed land, comprising both residential and commercial plots.
Granting those participating in the policy an annual interim compensation of Rs 30,000 per acre for up to three years, the state will also provide farmers with final compensation. The final compensation structure entails offering a 1000-square-yard residential plot and a 200-square-yard commercial plot, potentially valued up to four times the collector rate of the initial land. The government will also facilitate development of the pooled land with modern infrastructure, including roads, water provision, sewage systems, and power connections.
With an initial implementation in 27 significant cities across Punjab, the policy is destined to leave an indelible mark on the urban development of the region. Ultimately, this policy aims to empower farmers and landowners, putting them at the forefront of the state's development process.
- The land pooling policy in Punjab, aimed at promoting real-estate development and urban growth, encourages active participation from landowners, developers, and corporations, attracting attention of investors in the region.
- Additionally, the policy's benefits for small-scale farmers are substantial, offering them various development choices that could lead to an increase in group housing and designated development projects, presumably benefiting the general public.
- The policy coincides with the state's efforts to drive holistic development and revenue generation, with changes in external development charges, land use charges, licensing fees, and other real estate promoter expenses, illustrating the role of policy-and-legislation and politics in shaping the economy.
