Housing Dept to create land bank in urban estates

The Punjab Housing Department is set to acquire around 5,000 acres of land in various urban estates across the state.

Apart from affordable housing, the department aims to offer land for residential, commercial and institutional purposes after creating a land bank in urban estates at Mohali, Jalandhar, Patiala, Amritsar, Ludhiana and Bathinda.

Housing Minister Hardeep Singh Mudian recently reviewed the progress made on the proposal. Chief Secretary KAP Sinha would hold a meeting next week to review the entire project.

A senior government functionary said with focus on Mohali, where a recent auction of commercial and residential property fetched high prices, the department was planning to acquire land for Phase-II of Aerotropolis project near the international airport and create a land bank. In other urban estates, around 500 acres each would be acquired for creating the land bank.

The department is also planning to acquire land for EWS housing near Mohali, Ludhiana and Jalandhar etc. The policy would require approval of the state Cabinet, said a senior government functionary.

Meanwhile, eyeing a revenue of nearly Rs 2,000 crore, stuck with around 700 defaulting allottees of residential, commercial and institutional properties in urban estates of the Housing and Urban Development Department, the state government is planning a one-time settlement scheme for them.