Policy amendment to speed up acquisition in Mohali
LAND POOLING
MOHALI: To speed up land acquisition process, the Punjab government has decided to give additional land as compensation to those giving up their property voluntarily for development projects, with a notification likely from the housing and urban development department soon.
To make the land pooling policy more attractive, the Punjab cabinet earlier approved amendments in rules related to the residential sector, extending it to the industrial sector under the jurisdiction of the Greater Mohali Area Development Authority (GMADA).
The move comes as GMADA gears up to acquire 1,680 acres of land in the first phase of developing the Aerotropolis estate. The policy change is also expected to facilitate the development of the industrial estate in Sectors 101 and 103 in Mohali.
WHAT WILL OWNERS GET
According to the amendment, 1,000 square yards of developed residential plots and 200 sq yards of commercial plots, excluding parking, will be given instead of cash compensation for every 1 acre of land acquired from land owners for the upcoming Aerotropolis Residential Estate.
Owners will get 1,100 sq yards of industrial plots and 200 sq yards of developed commercial plot, excluding parking, for 1 acre of land. The validity of the ‘sahuliyat certificate’, also given to land owners opting for land pooling policy and to provide benefits to them during purchase of equivalent value of land, will be counted from the date of which the plot is alloted to them.
GOVT HAS DECIDED TO GIVE ADDITIONAL LAND AS COMPENSATION TO THOSE GIVING UP THEIR PROPERTY VOLUNTARILY FOR DEVP PROJECTS
STAMP DUTY EXEMPTION
Earlier, the validity was for two years from the date of announcement of award. The certificate exempts owners from stamp duty and other benefits whey they buy agricultural land with the sale proceeds from the developed plots that they get under land pooling.
The move is in response to land owners’ demands that the validity be applicable from the date on which they get physical possession of the plots on the grounds that land value can be assessed only when the basic infrastructure is in place.
GMADA has acquired 4,484 acres of land from 2001 to 2017. Of this, 2145 acres has been acquired till date through land pooling policy, which was introduced in Punjab in 2008 and amended from time to time.