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Punjab’s realty sector to see big boom

Pankaj Dhiman | Chandigarh |

Punjab's realty sector is going to witness a major breakthrough with the state government giving go-ahead for development of urban estates in seven development authorities at a cost of Rs.702.10 crore.

These include five sectors, including City Centre, surrounding area of Aerocity in Mohali and Medi city in Mullanpur, also known as New Chandigarh.

Besides this, an urban estate at Samrala road in Ludhiana and Sectors 88 and 89 in Mohali will also be developed.

A decision in this regard was taken on Thursday during the meeting of finance and account committees of all the seven development authorities working under the state's Housing and Urban Development Department.

The development authorities, including Greater Mohali Area Development Authority (GMADA), Greater Ludhiana Area Development Authority (GLADA), Bathinda Development Authority (BDA), Jalandhar Development Authority (JDA), Patiala Development Authority (PDA), Amritsar Development Authority (ADA) and Punjab Urban Development Authority (PUDA) submitted their budget estimates for the year 2017-18 during the meeting. 

As per the information, budget estimates implied the total receipt of the department during 2017-18 are Rs.5,245.95 crore while the proposed expenditure to be incurred is Rs.5,259.66 crore were taken place for approval. Officials from the department said that during the year 2016-17, the expenditure incurred was Rs.3,360.83 crore as compared to proposed expenditure of Rs.5,259.66 for the year 2017-18. 

"The capital expenditure indicated in the budget estimates amounting to Rs.4,806.24 Crore would be incurred on the planned urban development in the state. Out of this amount, Rs.964.50 Crore have been proposed to be spent on the acquisition of land", said Punjab's Housing and Urban Development Department, Additional Chief Secretary (ACS), Vini Mahajan.

She also said that an expenditure of Rs.539.46 Crore on construction of houses for the poor under ‘Housing for All’ and social housing schemes has been allocated. 

During the meeting, it was mentioned that the money received on account of External Development Charges (EDC) charges amounting to Rs.252.26 Crore would be spent on providing basic amenities in unauthorised colonies in the state.

In the meeting, the development authorities have been asked to prioritise expenditure in such a manner that water supply, electricity and construction of roads get priority over any other expenditure. 

In the meeting, the authorities were directed to recover the outstanding amount towards allottees, promoters and other categories of consumers. They were also advised to identify sites for development of new urban estates and acquire land under land pooling scheme.