The Haryana Government has announced its plans for the development of 5 brand new cities which will span 5 hectares each, along the KGP (Kundli-Ghaziabad-Palwal) Expressway and KMP (Kundli-Manesar-Palwal) Expressway in the National Capital Region (NCR). The Chief Minister of Haryana, Manohar Lal Khattar, has already confirmed this blueprint at a NAREDCO conference.
He also talked of how licensing for affordable group housing projects will soon be opened again by the Haryana State Government. He also confirmed that a draft plan has been readied for building these 5 big cities along the two expressways which cover 185 kilometres. Every city will have economic, industrial and commercial corridors as per the Chief Minister and there will be ample housing provisions, thereby opening the gateways for development of housing projects and residential complexes.
This new development will boost real estate markets in terms of new supply and overall growth in various parts of the NCR. The Chief Minister also stated that the Haryana Government had done its bit for the real estate sector with several initiatives along with announcing its official affordable housing policy under the Housing for All by 2022 blueprint. The Chief Minister also stated that the Government may make policy changes for benefiting stakeholders in the realty sector which includes home buyers. The window will be opened for a period of 60 days to get group housing project license in the affordable segment.
ToD (Transit Oriented Development) policy will have the deadline increased by around three months. ToDs are commercial cum residential areas which maximize overall access to public transport facilities and developers get added floor-area ratio (FAR) through this policy.
