Wednesday, 9 December 2015

Haryana hurricane - Licence for growth

The Haryana government's New Integrated Licensing Policy for the development of hyper and high-potential urban complexes is a win-win solution for all the stakeholders.

Recently, the Haryana government unveiled a novel land development policy, New Integrated Licensing Policy (NILP) 2015, which gives every landowner holding more than one acre the construction rights up to 1 FSI (Floor Space Index), which is transferable and also tradable.

This transferable development right (TDR) of 1 FSI, which the owner can sell to a third party, even where land is acquired by the government for sectoral development work, will create opportunities for developers to construct more flats and help farmers earn better price for their land.

"The new township development policy of Haryana government may help build over 2.7 lakh flats, apart from opening up more than 1,400 acres for the government to build low-cost housing," Rohan Sharma, associate director (Research and REIS), JLL, said.

Previously, there were issues like inadequate compensation against land acquired by the government for external development work where farmers got compensation for their land at the circle rates alone.

But, now, farmers can sell the development rights equivalent to the area of the land acquired by the government to be used for roads and other common facilities to builders in the same sector at the market price.

Now, any entity with more than 25 acres can avail of a global FSI of 1, with a density of 250 PPA (persons per acre), for a project and is free to use the housing component of a licensed colony for group housing projects as well.

This can be undertaken even after the 20% group-housing quota has been met in that particular sector, Sharma said.

Source: PropertyatNeoDevelopers.Wordpress.Com

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