Punjab tweaks land pool policy to offer land for land in lieu of compensation: Aerotropolis Residential Estate
Punjab Government has appreciated the efforts of the people who’re wishfully volunteering their property for the sake of development ventures. To enhance the Land Pooling Policy and to make it increasingly appealing for those volunteers, the Government decided to give them additional land to compensate for their volunteer acts. Apart from that, the Punjab Government has also come up with a brand new policy for the industrial sector which is a bit similar to the previous policy.
This decision was taken by the Cabinet on Wednesday 22 July 2020. They also approved the amendment to the Land Pooling Policy in regard to the residential segment, and its expansion to the industrial sector by the authority of the GMADA, Mohali.
The decision comes in action as GMADA prepares to acquire 1680 acres of land at the first phase for the progress of the Aerotropolis estate. The new policy will likewise boost the advancement of the industrial estate in Sectors 101 and 103 in SAS Nagar (Mohali). This will also ease the procedure of acquisition of land for the on-time execution of development ventures.
The change in land pool policy will also facilitate the expansion of industrial estate in Sectors 101 and 103 in Mohali while easing the process of land acquisition for timely execution of projects development.
Property Volunteers will be provided with additional lands
As per GMADA’s amended Land Pooling Policy, 1000 square yards of developed residential plots and 200 square yards of commercial plots, excluding vehicle parking, will be given to compensate for every one acre of land to be obtained from land proprietors for the forthcoming Aerotropolis Residential Estate.
The Land Pooling Policy is being introduced for the first time for the development of the industrial sector. However, in this case, every acre of land provided by the landowners will be compensated by the 200 developed commercial plots and 1100 square yards of industrial plots and that would be excluding parking.
Sahuliyat Certificate’, will be provided to the landowners for opting the pooling policy
As per the newly amended policy, the validity of the ‘Sahuliyat Certificate’ and certain benefits are given to the land proprietors opting for pooling policy would be on record from the date of allotment of the land to the owner.
Earlier, the validity of this certificate was 2 years from the date of the declaration of the award. The authentication entitles a land proprietor to get a rebate on stamp duty, other than certain different advantages/benefits when he buys agricultural land with the deal proceeds from the developed plots that he gets under land pooling policy.
This decision is taken in lieu of the demand of landowners that the certificate validity to be applied from the date they’re provided with the physical possession of the lands. That is only possible when required basic infrastructure has been laid does a plot fetching its potential worth.
GMADA, Mohali has obtained 4484 acres of land from 2001 to 2017. From this, 2145 acres of land have been acquired through the land pooling policy to date. This policy was first introduced in the State in 2008 and has amended time by time.
The motive behind presenting the land pooling strategy was to ensure prompt land acquisition and minimize money-related complexities on GMADA. The procurement of land through money mode is full of the risks as well as a time consuming and complex procedure.
Currently, GMADA is already bearing the risk of extended compensation of approximately Rs. 9700 Crore based on the decisions of the first reference appeal in the courts.
By Neha Rampal