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Punjab Government announced ‘affordable colony policy’- Now the way to cheap homes in Punjab became much easier!

In order to make homes available at low prices for the lower and lower-middle-income families; the Punjab Housing and Urban Development Department declared ‘Affordable Colony Policy’ recently on Sunday 26 July 2020.

Homes will be available at Affordable Prices

The ‘Affordable Colony Policy’ has been curated to urge the promoters to go for small-sized residential and flatted advancement. This policy has been formulated so that the EWS of society could buy houses at affordable prices.

Sukhbinder Singh Sarkaria- the State Housing and Urban Development Minister shared this information. He stated that Capt. Amarinder Singh has planned to fulfill the housing needs of the state residents’. They are especially taking care of the economically deprived section. This is why the Punjab Government has formulated the ‘affordable colony policy’.

During the COVID-19 pandemic, the need for affordable houses for the lower-income groups has become even more important, Sarkaria added.

Affordable Colony Policy got approval from the Department of Housing and Urban Development

“All the areas approved or developed under the guidelines of the Department of Housing and Urban Development. will be applicable to the affordable colony policy.

This is also applicable to the residential and mixed land use zones in the area master plan. And, also up to an area of 3km around municipal limit outside the master plan”, said the Minister. The Minister said that 5 acres of land is required for building affordable homes. This land will be used in the plotted and mixed land use plotted colony.

Affordable Colony Policy got approval from the Department of Housing and Urban Development

While creating developing group housing exclusively, 2 acres of land will be required. 10 acres and 25 acres of land are required to build up the zones in the Master Plan of SAS Nagar.

A minimum of 100 acres of land and 5 acres will be used separately to create the Master Plan of New Chandigarh.

By observing the interests of those, who want to go for an affordable colony; Sarkaria said that the Government has also laid a few conditions for the advertiser who wants to set up such a project.

Adequate Amenities will be provided with Affordable Homes

There will be several types of plot sizes available for the construction of an affordable colony. The affordable houses will be built within an area of 150 square yards. While 100 square yard plots have been notified for the EWS category

To fulfill the recreational needs of the residents of those affordable colonies; the builder will be required to make a sufficient arrangement of parks in the project.

A community center and commercial area will also be provided to cater to the daily social needs of the residents.

Sarkaria added, that all these facilities will be provided to give the project a modern state of the art appeal.

Several Incentive Offer for Developers under Affordable Colony Policy

Punjab Government has also formulated several incentives for the developers in the affordable colony policy. These incentives will be provided to those developers who would volunteer to develop an affordable colony.

The developers will be allowed to sell the EWS units without any restrictions of the Punjab Apartment and Property Regulation Act-1995.

In this policy; the builder is required to hand over the EWS houses or plots to the concerned Special Development Authority for further selling the same.

While in the case of general colonies, generally, the permitted saleable area is around 55%; however, 60% of the effective sale area for development will be provided to the developers.

Written by: Neha Rampal

Read More: New Chandigarh, the Emerging Biggest Real Estate Project in Punjab

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