The Punjab Government on Friday announced several major initiatives, including an amnesty scheme through one-time settlement of interest to defaulter allottees of various urban authorities, to boost the real estate sector.
The announcements came after a meeting of the Punjab Urban Planning and Development Authority, Department of Housing and Urban Development, chaired by Chief Minister Capt Amarinder Singh and attended, among others, by local Bodies Minister Navjot Singh Sidhu.
The meeting decided, in principle, to provide a one-time opportunity to defaulter allottees of all authorities.
The rate of interest for settlement of all legal disputes involving property price payment has been finalised at 15 per cent following the Chief Minister’s intervention, who directed the department to lower it further from the proposed 18 per cent.
The scheme would, however, be applicable only to those allottees who are defaulters for less than four years or whose penalty amount is less than 100 per cent of the principal amount.
The Chief Minister also soft launched the new Punjab Sehri Awas Yojana (PSAY), aimed at providing free or subsidised residential house to houseless urban poor. The scheme was given the go-ahead by the State Cabinet on March 18 to implement a major poll promise of the Congress.
Besides providing free housing to eligible houseless SC/BC urban families with an annual income less than Rs 3 lakh in Phase I and with an annual income less than Rs 5 lakh in Phase II, the scheme will provide subsidised housing to people in various categories.
The meeting, which followed up and reviewed the progress on various decisions taken at the last meeting, also approved lowering of the annual hike in reserved price, from 10 to five per cent, through an amendment to the reserved price fixation policy in order to benefit urban populations.
Thirty per cent reservation to the SC category in allotment of property by PUDA and various Development Authorities, as per the decision taken by the Cabinet in its meeting held on March 18, was also discussed and approved, said the spokesperson, adding that the priority will be given to women and senior citizens in this category.
Another major initiative discussed at the meeting related to the development of satellite towns around major cities to ease urban pressure. The Chief Minister suggested planned development of towns around key cities such as Amritsar, Patiala, ludhiana and Jalandhar.
A pilot project will soon be launched to study the feasibility of the proposal, which would encompass land acquisition in a manner that enables land owners to get residential and commercial allotments in the new developed satellite townships as compensation for pooling their land through official partners.
Capt Amarinder also directed the department to make efforts to bring in a world-class Science and Technology University, focused on IT and Bio Technology, in IT City Mohali.