Punjab to Implement New Real Estate Policy: Says Badal

Sukhbir Singh Badal, Deputy C.M. of Punjab stated that the state government is about to introduce a new real estate policy by next month in Punjab.

Sukhbir Singh Badal said that Punjab government will launch a new real estate policy.  The new policy will direct the real estate to better development.

While addressing the real estate developers at a conference organized by CREDAI, Mr. Badal declared that the new policy will be implemented by 15th of December.

CREDAI (Confederation of Real Estate Developers Association of India) had organized the conference of international and national real estate developers.

The new policy will give a clear- cut direction to the real estate development.  Moreover this policy will be absolutely a consumer and investor friendly policy, Mr. Badal added. He described that the policy is meant to address the buyers’ concerns including their failure in receiving homes on times.

By initiating time bound clearances the delay in delivery can be halted. There will be uniform code for real estate in all cities. New real estate policy will have some real estate incentives as well.

Mr. Badal hoped that Punjab will be the first Indian state to achieve power sufficiency by the end of next year. He added that the state will have power surplus by the end of 2013.

The state will boast of its three international airports. All major cities of the state will have be connected each other with 4/6 lane roads and infrastructure. There will be special priority given to health and hospitality besides education.

Master plans of 32 cities have already been prepared by the Punjab government. Master plans of 72 local planning areas and 147 Tier- II towns are also prepared.  He added that 27 master plans are undergoing preparation procedure.

At present the state faces power shortage as the demand is higher than the supply. The figures show that 8,214 MW is demanded but the supply is limited to 5,872 MW. The Deputy Chief Minister said that by December 2013 the state will be able to generate nearly 11,484 MW which exceeds the required power.

He continued that by the end of 2013 the new power stations like Talwandi Sabo thermal Plant (1,980 MW), Goindwal Sahib thermal plant (540 MW) and Rajpura thermal plant (1,400 MW) are expected to start operating. The estimated costs of each project are Rs.12,000-Crore, Rs.3,000-Crore  and Rs.9,000-Crore respectively.

The state also plans to construct 4/6 lane linking roads to connect the cities well. The estimated costs of constructing link roads are Rs.7600-Crore. With the arrival of link roads the cities like Jalandhar will be linked to Amritsar, Patiala, and so on. As the people look for transit- oriented homes with the arrival of these roads the real estate also will boom.

Moreover the state’s plan to develope education cities in Mohali, Ludhiana and Bathinda also will boost the real estate. The state further plans to convert Amritsar and Ludhiana as tourism and entertainment hubs.

To facilitate hospitality Tata Cancer and Research Hospital has already shifted to Mullanpur near Chandigarh.

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