Aimed at augmenting housing development in the State, Punjab Government has asked the Confederation of Real Estate Developers Association (Credai) to invest in real estate projects.
Wooing developers with sops such as easy project approvals and land title clearances, Punjab Deputy Chief Minister Sukhbir Singh Badal told reporters that the demand for housing in Punjab will pick pace with infrastructure developments.
“We are investing about Rs 9,500 crore over next four years to spruce up urban infrastructure. We already have three international airports and the demand for housing will rise sharply with all projects up and running,” he told reporters.
The Minister said the State would soon be declaring real estate as an industry. “Our aim is a planned Punjab. We already have projects like Entertainment city and Medicity planned and in various stages of execution,” he added.
Asked if land acquisition may pose a problem, Badal said the State has launched a land pooling scheme for farmers. According to the scheme, per acre a farmer will get two kanal residential plot (1,000 sq yards) and 100 sq yards of commercial space if he opts for it. Otherwise, he will be paid per acre the market rate, as decided by the Government.