Punjab’s new housing policy to boost real estate, says Minister Aman Arora

People in the lower-middle and lower-income strata will get houses; demands of developers will be taken into account

Punjab Housing and Urban Development Minister Aman Arora on Wednesday said that the State’s Affordable Housing Policy-2023 would fulfil the common man’s aspirations to own a dream house, and would boost the real estate sector in the State.

“This policy has been introduced to provide affordable houses to the lower-middle and lower-income strata of society and also after taking note of the demands of the developers,” said Mr. Arora, adding that the minimum area for a plotted colony had been fixed at five acres, while, the minimum area required for group housing was now 2.5 acres only, except for the Greater Mohali Area Development Authority (GMADA) area where the minimum area required for a new colony would remain 25 acres.

“The saleable area has also been increased from 62% to 65% of the total project site area to provide plots at affordable rates to the needy, and the saleable area is being given on the total plot area of the project irrespective of any master plan road passing through the plot area,” he added.

He said that the minimum area under greens had been fixed at 7.5% from 10% of the site area. Besides, to reduce the burden on the individual plot holders, the Change of Land Use (CLU), External Development Charge (EDC) and license fee had also been reduced to 50%, or half, of those applicable in case of a normal colony. However, the reduction in charges would not be applicable in GMADA area, he said.

Mr. Arora said the Housing and Urban Development department would facilitate the promoters in obtaining No Objection Certificates (NOCs) in a time-bound manner and regular monitoring would be ensured at the higher level for the quick disposal of cases regarding approvals.

“This policy will also encourage the promoters to get their colonies approved in a hassle-free manner and will definitely curb the mushrooming of unauthorised colonies, which will give a further boost to the real estate sector,” he said.