Lucknow, Aug 10 (UNI) Amending the previous policy of 2005 and making it people friendly, the Uttar Pradesh government has approved a new Hi-tech Township Policy-2007.
The new policy has adopted several check and balance to counter any effort by the private developers to dupe the consumer while now the investor would have to purchase 60 per cent of the land directly from the farmers.
The new policy was approved by the state cabinet yesterday and the Government Order (GO) would be issued later this week.
However, the investors, who have signed Memorandum of Understanding MoU with the government under the old policy, will not have to go for a new licence but they will have to follow the new guidelines of the new policy.
Later briefing mediapersons, Principal Secretary (housing) Mohinder Singh said for ensuring actual investment by the developer in the township, the investor will have to invest Rs 1,000 crore in 1,500 acre township.
''For this the developer will have to submit a financing plan, duly certified by a Chartered Accountant for developing the township, with the development authority. The company, will net worth of Rs 100 crore in last three years, will qualify for the license for township'', he said.
Mr Singh said now private builders can no longer do business with the public deposit as no pre launch or booking of the plots and flats will be permitted until the developer has the land to offer to the buyers. The detailed lay out plan of the township will be sanctioned only after the township developer has acquired 300 acres of land.
Moreover, 25 per cent of the land of the private developer for the township would be pledged with the development authority of the town concerned to the extent that the builder would be forbidden from selling that chunk of land without the approval of the development authority. This provision has been made in the policy to ensure that the all the facilities are provided in the township as promised by the builder to the prospective buyers of the real estate at the time of booking of the property.
Under the new policy, now government will invite application for the hi-tech township and then it will be awarded to the developer on merit basis by a high-power committee headed by the Chief Secretary.
Mr singh said most of the clause of the policy is the same but there are certain amendment including now government will not acquire any land for the developer rather than just act as a faciliautor.'' The developer has to purchase 60 per cent of land directly from the farmers while government will act as a mediator for the rest 40 per cent of the land'', he added.
The new hi-tech policy also ban transfer of land of the Development Authority or Awas Vikas to any private developer while now the private investors will have to pay the stamp duty on land registration which was earlier waived off in the 2005 policy.
Earlier in the 2005 hi-tech township policy nine developers had signed MoU with the government but Detail Project Report(DPR) of four have been approved so far.
While MoUs have been signed with Sahara India Commercial Ltd for Lucknow and Kanpur, Sun-city hi tech for Ghaziabad and Mathura, Ansal Properties and Infrastructure Ltd at Lucknow, Uppal Chadda group at Ghaziabad, Unitech Ltd at Agra and Varanasi and IVRCL-Nursi at Agra, DPRs have only been approved for both the Ghaziabad project and of Mathura and IVRCL-Nursi at Agra.