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U.P. to offer incentives under New Township Policy
Under the New Township Policy 2023, the developers will receive the most significant relief in the form of a reduction in the conversion fee for land use. For townships developed in areas with a population of more than 5 lakh and less than 10 lakh, there will be a 25 percent rebate in the conversion fee, while for areas with a population of less than 5 lakh the reduction could go up to 50 percent.
Lucknow: Considering new challenges of urbanization in Uttar Pradesh (UP), the Yogi government will provide various incentives to private developers investing in the state under the New Township Policy 2023.
“The aim is to provide affordable housing to different sections of society, control haphazard development in the peripheral areas of cities, improve the quality of urban life and attract investments,” said a media handout issued by the government on Wednesday.
Under the New Township Policy 2023, the developers will receive the most significant relief in the form of a reduction in the conversion fee for land use. For townships developed in areas with a population of more than 5 lakh and less than 10 lakh, there will be a 25 percent rebate in the conversion fee, while for areas with a population of less than 5 lakh the reduction could go up to 50 percent. Furthermore, private developers will be eligible for township development, according to the media handout.
According to the policy, if a township’s land area is less than 50 acres, it will only be permitted for residential use but if it is more, it will be allowed for agricultural use as well. However, the move would be subject to necessary procedures for converting it into residential land, according to the media handout.
