With the twin objectives of attracting investment in the real estate sector and ensuring compliance of urban development laws, the Uttar Pradesh government is drafting a fresh township policy for the real estate sector. The move is prompted by the recent demolition of the twin towers in Noida following the Supreme Court’s order.
The proposed policy is likely to be ready by month-end to ensure its implementation before the mega UP Global Investor Summit in January 2023. The state government is targeting to garner investment worth Rs 10 lakh crore during the summit.
In recent years, UP has netted private investments worth almost Rs 31,000 crore in an array of township and integrated township projects. However, the state government feels the sector will be better served with a contemporary township policy in the interest of all stakeholders — consumers, developers, investors, etc.
“There is an immense potential for growth in the real estate sector. To attract investors to the proposed global summit, it is necessary to make the integrated township policy more contextual,” UP Chief Minister Yogi Adityanath has directed top officials.
Moreover, the government has reiterated ‘zero tolerance’ against shady land deals in real estate projects. The state development authorities and urban civic bodies have been tasked with rooting out illegal settlements and clamping down on unplanned development.
The twin towers constructed by realty major ‘Supertech’ in Noida were demolished on August 28. Yogi has already issued directions for a stern action against the officers of Noida responsible for permitting the illegal construction.
A senior government official said: “To achieve the goal of a $1-trillion economy, UP has to boost the pace of urbanisation and therefore, we have to showcase a stellar model of urban planning for securing investment, generating employment and spurring innovation.”
The new townships in UP will be developed taking into account the requirement of the next 50 years. The master plans of the development authorities will comprise the respective blueprints as well as financial management for long-term self-sustainability.
Besides, the government has also decided to develop Lucknow as the State Capital Region (SCR) axis on the lines of National Capital Region (NCR) for macro urban development. The proposed Lucknow-SCR will comprise seven districts — Lucknow, Unnao, Sitapur, Rae Bareli, Barabanki, Kanpur Nagar, and Kanpur Dehat. An expert group will be constituted to study all dimensions so that a detailed action plan is submitted to the government.