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The UP government Wednesday announced that it would provide incentives to private developers investing in the state under the New Township Policy.
An official said the aim is to provide affordable housing to different sections of society, control haphazard development in the peripheral areas of cities, improve the quality of urban life, and attract investments. “Under the New Township Policy 2023, the developers will receive the most significant relief in the form of a reduction in the conversion fee for land use. For townships developed in areas with a population of more than 5 lakh and less than 10 lakh, there will be a 25 per cent rebate in the conversion fee, while for areas with a population of less than 5 lakh, the reduction could go up to 50 per cent. Furthermore, private developers will be eligible for township development,” said a government spokesperson.
The official said as per the policy, if a township’s area is less than 50 acres, it will only be permitted for residential use. “However, if the township’s area is 50 acres or more, it will be allowed for agricultural use as well, subject to the necessary procedures for converting it into residential land,” the official.
“However, if land designated for purposes other than residential included in the plan, except for the land for major development projects, the conversion fee will not be applicable, and such land will be considered for swapping in the plan,” he added.
As per the Foreign Direct Investment (FDI) Policy issued by the Union Ministry of Commerce and Department for Promotion of Industry and Internal Trade (DPIIT), the facility of Foreign Direct Investment (FDI) will also be made available.
Additionally, a green channel will be set up for various approvals related to the project, through which all approvals and objections will be issued via a Single Window System.
The developer or consortium will have full authority over development and construction-related activities within the licensed area. “For that matter, any proposed map submitted by other landowners or applicants within the proposed licensed area, apart from the licensed developer or consortium, will not be approved by the authority or the Housing and Development Board. Unauthorised construction within the area will also be regulated,” said the spokesperson.
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