Haryana government’s new policy to create a land bank for infrastructure development, will provide a boost to real estate in Gurgaon and other towns in the state which have a good potential for real estate development.
According to the new policy approved by the Haryana cabinet, land would be made available to government departments including boards and corporations for development projects. The state government has decided to buy this land from landowners/farmers to create a land bank. This would not only give a fair price of the land to farmers but also prevent sale of land to unscrupulous persons engaged in the construction of unauthorised colonies. The land bank created through this new policy initiative will boost infrastructure, which in turn will support real estate development.
Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham National Council on Real Estate, Housing and Urban Development, “This is a well thought out policy for boosting physical and social infrastructure which is a key to real estate development. Currently, the Gurgaon administration is on one hand struggling to tackle the menace of illegal colonies, on the other hand, it is facing the problem of land availability to undertake essential civic services like power substations, water infra, education and health infra in newly developed sectors of New Gurgaon. In some cases even the stretch of land is not available for providing proper road connectivity. The land bank for infra development will give a push to planned real estate development, in turn improving livability for Gurgaon residents.