Inclusion in NCR: Realty sector in Jind, Karnal to get more development funds
The inclusion of Jind and Karnal districts of Haryana in the National Capital Region (NCR) will provide a spurt in the growth of the two districts, ensuring balanced and harmonious development as per the regional plan of the National Capital Regional Planning Board (NCRPB).punjab Updated: Jun 12, 2015 09:27 IST
The inclusion of Jind and Karnal districts of Haryana in the National Capital Region (NCR) will provide a spurt in the growth of the two districts, ensuring balanced and harmonious development as per the regional plan of the National Capital Regional Planning Board (NCRPB). The two districts will get more financial resources in the shape of soft loans and grants for development works, eventually boosting the realty sector.
Haryana officials, who put up the case of Jind —largely under developed hinterland district— and comparatively better placed Karnal for inclusion in the NCR before the NCRPB on Tuesday for the second time, said that the two districts (Karnal initially and Jind later) would get linked with the proposed Regional Rapid Transit System (RRTS), a high speed mass transportation rail network ferrying commuters back and forth from regional centres to Delhi and facilitating faster movement of traffic among the regional centres.
“The board already has a plan to provide fast connectivity within the NCR by having Delhi-Sonepat-Panipat RRTS corridor.
This will get extended to Karnal and can be branched out to Jind later. The RRTS will have dedicated electrified tracks using modern signal and communication systems to enable safe, high-speed and high-frequency services,’’ said an official.
FUNDS FOR DEVELOPMENT
Being a part of the NCR, the two districts will become qualified for financial assistance in the shape of soft loans and grants. “The NCRPB can also select comprehensive projects and provide assistance for their implementation with an over arching objective of ensuring balanced development of the NCR. These projects cover wide spectrum of basic infrastructure development, sewerage, drainage and solid-waste management, water supply, power, transport and social infrastructure. The board provides soft loans for projects prepared by the state agencies within the NCR and counter magnet areas. The pattern of loan assistance provided by the board is: 25% by the borrowing agency and 75% as loan from the board. The tenure of loan is 15 years with three year moratorium for public health sector (water supply, sewerage, sanitation, drainage and solidwaste management), while for the other sectors the tenure is 10 year with a two year moratorium,’’ the officials said.
The board provides loans to the state governments for water supply, sewerage, sanitation, drainage, solid waste management, roads and flyovers at an interest rate of 7.5%.
Recently, the board also decided to provide loans for power sector for transmission, distribution and generation of electricity at 7.5% rate of interest. The NCRPB also provides grant upto 15% of the estimated cost of the project for water supply, sewerage, sanitation, drainage and solid-waste management projects.
Inclusion of the two districts in the NCR augurs well for realty sector as the mere perception of being a component of the national capital will prop up the real estate sector in the two districts.
The sector experts feel that while the effect may not be felt immediately in Karnal, a district butting the National Highway-1, where land prices are substantially high, the under-developed and backward district Jind is likely to reap the benefits of the expected realty boom.
Being a part of NCR will ensure balanced and harmonious development of the two districts and set in motion dispersal of economic activities to the area, but the decision also has a downside. “Once the two districts are a part of the NCR, they are bound by the regional plan prepared by the NCRPB. This helps in preservation of ecology and environment, but leaves very little room for the state government to use its discretion,’’ said another official, who attended the meeting.