The new integrated licensing policy (NILP), announced by the Haryana government on Friday, is likely to give a major boost to infrastructure projects in townships that are being developed under Gurgaon-Manesar master plan and Sohna urban development plan.
A large number of infrastructure projects in the city are stalled due to land acquisition issues and this has had a negative impact on the realty sector.
The NILP could release almost 10,000 acres that is owned by farmers in small patches across Gurgaon. The farmers can also monetise their assets through transfer of development of rights (TDR) instead of waiting on the largesse of builders and the government.
The policy comes in the wake of almost 5% decline in real estate investments in the last one year, as per a study done by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). A majority of these projects are in Gurgaon.
Industry experts said the new policy will also ensure that the government need not get into the thorny issue of land acquisition, which has now assumed controversial overtones.
Currently, a sizable number of roads planned in Sectors 58-115 along the Northern and Southern Peripheral Roads and Sohna township are stalled due to the hurdles in land acquisition process. The Central Peripheral Road (CPR), which has remained in limbo, could be kick started with the new policy.
President of National Real Estate Development Council (NAREDCO) Parveen Jain said, “A small land owner can now surrender land to the government and earn TDR rights, which can be monetised through collaboration with the developers or sell it to them at the prevailing market rates.”
Besides, the government need not pay external development charges on building roads and paying for perpetual enhancements in the form of cost of land to farmers.
Chairman of Real Estate Council of FICCI Navin Raheja said, “The changes brought through NILP will prove a win-win situation for everyone including farmers, buyers, builders and the government.”