North India Statesman
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News India Live, Digital Desk: Residential projects: The Yogi Adityanath government has taken a big step to promote urban development in Uttar Pradesh and provide better housing facilities to the general public. The cabinet has approved the “New Township Policy-2023”. The direct impact of this policy is going to be on the prices of land in the state, due to which there can be a huge jump in the price of land from villages to cities.
What is the purpose of this new policy?
The main objective of this policy is to attract private investment and develop well-planned and modern townships in small and big cities. The government wants the construction of illegal and disorganized colonies and people get better places to live with all the necessary facilities like parks, roads, sewage and electricity. This policy is also an important part of the goal of making Uttar Pradesh a trillion dollar economy.
What is special for developers and farmers?
The biggest thing about this policy is that now private developers will be allowed to buy land on direct consent from farmers to settle the township. This will speed up the land acquisition process. To encourage developers, the government has also announced a big relief in stamp duty and land use change fee. More and more investors will come forward to make the township.
What will be the effect on the prices of common man and land?
When private companies and developers start buying land to build a township on a large scale, the demand for land will obviously increase. According to the direct rule of economics, when demand increases, prices also increase. Experts believe that after the implementation of this policy, the prices of land can touch the prices of land in urban areas as well as the outer parts of the villages. Farmers whose lands will be with these schemes can benefit, but for those who are thinking of buying land to build a house, it can prove to be a costly deal.
Main point of policy:
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A minimum of 12.5 acres in cities with population more than 2 lakh population can be established.
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Other urban areas will require a minimum of 25 acres of land for the township.
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This policy will also make the process of obtaining licenses for developers.
Overall, this new township policy of the Yogi government promises to give a new direction to the urbanization of the state, but at the same time it is also going to create a big movement in the land market.
