The UP Cabinet’s amendment in the integrated township policy-2014 (License Based System) will help real estate developers in faster completion, according to developer.
As per the amendment, developers will now have to pay urban development fee as per the layout plan instead of paying it at the time of clearance of a detailed project report (DPR).
“In the post-pandemic scenario, buyers are looking for projects with all amenities in the vicinity, and an integrated township is one of the best solutions that real estate could offer. With the latest decision by UP Cabinet, we will see faster completion of townships as authorities will come up with the infrastructure on time,” said Deepak Kapoor, director, Gulshan Group.
The latest decision will help in faster completion of the townships as developers will invest in the planned development of the project and waiver of stamp duty above Rs 500 on EWS units for builders developing the same in townships will give a boost to Govt’s flagship scheme “Housing for all”.
“As per our latest reports, it has been noticed that there is an uptick in the buyer sentiment and sales have been going up especially June 2021 onwards. The latest indications during the current festival season are clear signs of heightened buying sentiment as we expect demand uptick in almost all the key realty markets. Keeping this in mind, we can say that expediting larger township projects with planned development would bear favorable results in future,” said Vikas Wadhawan, Group CFO, Housing.com.