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UP approves new high-tech township policy

Written by: Staff
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Lucknow, May 10 (UNI) In a bid to promote competition and provide quality lifestyle to citizens, the Uttar Pradesh government today approved the 'High Tech Township Policy, 2006'.

The new policy is an amendment to a similar policy approved in the year 2003. The new policy was approved at a meeting the state cabinet today, chaired by Chief Minister Mulayam Singh Yadav.

In an effort to ensure that only financially strong companies entered the arena, the state government has announced that developers with a minimum networth of Rs 100 crore for the past three years could only apply. But at the same time, in a bid to attract big developers, the maximum area for the high-tech township has been increased to 5000 acres from the previous maximum of 1500 acres. Fifteen hundred acre has now been pegged as the minimum area required for such projects. The companies are also allowed to increase the area of the townships after government approval.

Briefing newspersons, state Chief Secretary N C Bajpai said as compared to the previous policy, the developers would now be allowed to set up a maximum of two townships in the state. The earlier limit was three.

To allow developers gain easy access to bank loans, the UP cabinet also allowed them to seek loans on the basis of conceptual plan or Detailed Project Report (DPR). Under the previous policy, the developers were required to have a minimum of 500 acres of land for the approval of DPR.

In a bid to check blockage of commercial land, the government has asked developers to complete the work within five years. A maximum of three phases have been allowed for the completion of the work.

UNI NAB MB VD ND1404

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