UP offers sops to builders interested in setting up townships
The UP government is targeting to attract Rs 10,000 crore investment under its new township scheme and has decided to offer various incentives such as single window clearance and rebate on stamp duty on land for the purpose.
Lucknow: The Uttar Pradesh government is
targeting to attract Rs 10,000 crore investment under its new
township scheme and has decided to offer various incentives
such as single window clearance and rebate on stamp duty on
land for the purpose.
At a meeting held here last evening, Housing and Urban
Planning Minister Naseemuddin Siddiqui said: "Builders, who
proposed to develop new township in the area of 1,000 acre or
more will get single window clearance and rebate in stamp duty
on cost of land."
Sources in the department said that the state government
has set a target of attracting Rs 10,000 crore investment in
the initial phase under its new township scheme.
Siddiqui asked department officials to invite developers
from other states as well.
Last month, the state government had invited bids for the
development of townships in the state, envisaging a minimum
investment of Rs 1,000 crore for each project. The last date
for submission of bids is September 23, 2009.
The bids have been invited in pursuance to the New
Townships Policy, which aims to create new housing stock,
generate employment opportunities and decongest cities.
The entire land for the project would be acquired by the
government agencies and transferred to the developer company
on lease for 90 years with the right for further sub-lease.
Meanwhile, Siddiqui said notices should be issued to
developers not taking interest in the hi-tech city scheme and
their land allotment should be cancelled.