Announcement of a New Real Estate Policy in Punjab
Sukhbir Singh Badal, Deputy Chief Minister of Punjab, announced that the state government is set to introduce a new real estate policy by next month. This policy aims to steer real estate development in a more prosperous direction.
Policy Details Revealed at CREDAI Conference
During his address to real estate developers at a conference organized by CREDAI (Confederation of Real Estate Developers Association of India), Mr. Badal stated that the new policy will be implemented by December 15. The policy is designed to provide clear direction and will be consumer and investor-friendly, addressing concerns such as delays in home deliveries.
Key Features of the New Policy
- Time Bound Clearances: The policy will initiate time-bound clearances to halt delays.
- Uniform Code: There will be a uniform code for real estate in all cities.
- Incentives: The policy will include real estate incentives.
Punjab's Power and Infrastructure Plans
Mr. Badal expressed his hope that Punjab will be the first Indian state to achieve power sufficiency by the end of next year. Additionally, the state plans to have three international airports and 4/6 lane roads connecting all major cities. Special priority will be given to health, hospitality, and education.
Master Plans and Power Projects
- Master Plans: The Punjab government has prepared master plans for 32 cities, 72 local planning areas, and 147 Tier-II towns. An additional 27 master plans are currently being prepared.
- Power Projects: By December 2013, the state aims to generate 11,484 MW, which exceeds the current demand. New power stations include Talwandi Sabo thermal Plant (1,980 MW), Goindwal Sahib thermal plant (540 MW), and Rajpura thermal plant (1,400 MW).
Infrastructure and Hospitality Enhancements
- Link Roads: The state plans to construct 4/6 lane linking roads with an estimated cost of Rs.7600-Crore, connecting cities like Jalandhar to Amritsar and Patiala.
- Education Cities: Development of education cities in Mohali, Ludhiana, and Bathinda.
- Tourism Hubs: Plans to convert Amritsar and Ludhiana into tourism and entertainment hubs.
- Hospitality: Tata Cancer and Research Hospital has shifted to Mullanpur near Chandigarh to facilitate hospitality.