Punjab to give industry status to real estate sector in new policy

Punjab to give industry status to real estate sector in new policy New Delhi: Punjab will come out with a new policy on real estate sector by mid December that would remove bottlenecks and simplify procedures besides according industry status to the sector.

Stating this here on Saturday, Punjab deputy chief minister Sukhbir Singh Badal on Saturday asserted that the new real estate policy would help declare the sector as an industry and grant similar benefits to it.

Speaking at a convention, "Punjab - the land of opportunities" hosted by Confederation of Real Estate Developers Association of India (CREDAI) here, Badal tried to hardsell Punjab's real estate potential to investors.

He asked over 100 real estate developers from the country and abroad at the conclave to invest in Punjab, which was all set to simplify procedures and make their investment attractive by removing all bottlenecks and making the real estate policy incentive-based.

Presenting Punjab as 'Land of Opportunities', Badal said the state defied global recession by clocking more than 20 percent VAT increase without increasing any tax rate. He said VAT collection had increased from Rs 5,000 crore per annum five years ago to Rs 16,000 crore now and aimed at increasing the same to Rs 40,000 crore in the next five years through better compliance.

He asked real estate developers to become consumer-centric in the changed scenario by marketing their products according to immediate needs of consumers.

He said that Punjab was only state in the country that has prepared master plans of all cities with a focus on planned urban development. He hoped to garner an investment of Rs 15,000 crore to come in once the real estate sector was accorded industry status.

PTI