The Yogi Adityanath government has cleared an amendment to the Integrated Township Policy-2014 (License Based System). The new rules have been issued for the UP Awas Vikas Parishad and all the development authorities for the development of housing schemes through private capital investment in the urban areas.
The government in a statement said that the revised policy will help the developers to complete the pending integrated township projects expeditiously. Besides, the new rules will encourage the developers to invest more and plan the development of projects in a phased manner. It will also give a boost to employment generation, the government said in a statement.
The new policy has a provision to charge urban development fees only when the developer submits an application for obtaining a development permit. It means that township developers and concerned authorities will now have to pay the fee as per layout plan instead of paying it at the time of detailed project report (DPR) clearance.
The government expects that the latest decision will give a boost in achieving the target of 'housing for all'. The decision comes amid heightened property buying sentiments post-pandemic. It is expected that the buying momentum will continue owing to low property cost and low interest rates.
Vikas Wadhawan, Group CFO, Housing.com, said that the latest decision will give a push to the demand during the festival season. "The demand will remain high in almost all the key realty markets. Expediting larger township projects with planned development will bear favourable results in future," he said.
Deepak Kapoor, Director, Gulshan Group, said that in the post-pandemic scenario, buyers are looking for projects with all amenities in the vicinity and an integrated township is one of the best solutions that real estate could offer.
"With the latest decision, projects will see faster completion of townships as authorities will come up with the infrastructure on time," he said.
According to the Integrated Township Policy, the minimum area of the integrated township should be 25 acres and the maximum area, including extension, should be 500 acres.