On Thursday, the state government of Punjab has approved Affordable Housing Policy 2015 to provide affordable housing facilities. The policy will benefit the lower middle income group by providing them affordable housing facilities. The decision was made in the cabinet meeting under the chairmanship of Chief Minister Parkash Singh Badal.
Incentives in the form of shrined Change of Land Use (CLU), External Development Charges (EDC) and License Fee would be given to the promoters under ‘Affordable Housing Policy 2015’. The policy will facilitate the promoter for undertaking construction of affordable house for economical backward class of the society.
Maximum area under the affordable housing scheme would not exceed 10% of total gross area and minimum area proposed was five acre contiguous and compact chunk of land. To avail these benefits of the policy, all such kind of projects would be necessarily required to be completed within five years from date of issue of license.
Under the policy it would be mandatory to provide community hall of 3000 square feet minimum size, nursery school cum crèche of not less than 3000 square feet.
Meanwhile, the Cabinet also approved to accept the recommendations of Cabinet Sub Committee to form a uniform policy for creation of steel silos for storage of food grains in the state.