The real estate industry on Friday welcomed Haryana's new integrated licencing policy (NILP), saying it will speed up infrastructure development and offer more housing to Gurgaon, which has large tracts of unused land.
The policy removes a major hurdle in obtaining land for large housing projects like townships because getting 100 acres of contiguous land was never easy. But a 25-acre cap not only helps get over this problem, it also allows a developer to concentrate its resources on a smaller area. The experience with large townships hasn't always been good, with residents beset with infrastructure problems years after moving in.
Navin Raheja, chairman of the National Real Estate Development Council (NAREDCO), said, "As developers were not able to procure 100 acres of land, infrastructure development would stuck and Gurgaon suffered badly. These issues will be sorted out now and development will pick up pace."
The Haryana government also for the first time introduced the concept of transferable development rights (TDR). "This will allow land owners to monetise their land holdings at the current market price in residential sectors and for areas designated for external development works like sector roads, colleges, hospitals, fire station, open spaces, green belt and others," Raheja said.
Anubhav Jain, director of Silverglades group, said, "The reduction in minimum area requirement for housing projects under the new policy should spark interest in the development community, but high external and internal development charges and delay in obtaining approvals continue to be a dampener for developers while pursuing new projects."
S K Sharma, a real estate consultant, added, "The policy will ensure farmers and landowners get the market price from the builder. Not just that, the policy enables them to participate in the process starting from licencing, infrastructure development and marketing and sale of their TDR."
SOURCE: ETRealty.com
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