Punjab's housing sector is poised for a significant transformation with the introduction of the Affordable Housing Policy-2023, as declared by Punjab's Housing and Urban Development Minister, Aman Arora, on Wednesday. The policy aims to address the housing needs of the lower-middle and lower-income segments of society while also catering to the demands of developers, thus injecting vigor into the state's real estate market.
Mr. Arora emphasized that the policy targets to make homeownership dreams a reality for the common man, leveraging measures tailored to ensure affordability and accessibility. Noteworthy provisions include setting a minimum area requirement of five acres for plotted colonies and reducing the minimum area for group housing to 2.5 acres, except for designated areas such as the Greater Mohali Area Development Authority (GMADA) where the minimum remains at 25 acres.
In a bid to make housing more affordable, the saleable area has been increased to 65% of the total project site area, facilitating the availability of plots at reasonable rates. Additionally, the allocation of saleable area will now be based on the total plot area of the project, irrespective of any master plan road traversing through the plot area.
Furthermore, adjustments have been made in green space requirements, with the minimum area under greens reduced to 7.5% from the previous 10% of the site area. Internal road standards have also been enhanced, with a minimum width requirement set at 30 feet for qualifying projects.
To streamline processes and alleviate bureaucratic hurdles, the policy entails a 50% reduction in change of land use (CLU), external development charge (EDC), and license fees, excluding GMADA areas. Approval procedures have been expedited by delegating powers to the Chief Administrator of the respective Urban Development Authority, thereby ensuring swift clearance for all categories of Affordable Colonies.
Moreover, the Housing and Urban Development department pledges to facilitate promoters in obtaining No Objection Certificates (NOCs) promptly through regular engagements with regulatory authorities such as the Punjab State Power Corporation Limited (PSPCL) and Punjab Pollution Control Board (PPCB). Stringent monitoring mechanisms will be implemented at higher levels to expedite case approvals.
Minister Arora asserted that the policy's implementation will foster a conducive environment for promoters to seek approvals seamlessly, consequently curbing the proliferation of unauthorized colonies. This holistic approach is expected to invigorate the real estate sector in Punjab, heralding a new era of growth and sustainability.
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