The Punjab government has decided to abolish the Change of Land Use (CLU), and NOC and plans to build 20 Rural Industrial Clusters and 15 industrial parks besides one Integrated Industrial Township. This was announced by Punjab Chief Minister Bhagwant Mann, while addressing the business magnates during the inaugural session of the fifth Progressive Punjab Investors Summit recently. The CM plans to make Punjab the most favourable investment destination in the country.
The move is expected to not only bring about a significant change in the state’s industrial and economic landscape, but will also have a positive impact on the real estate development in the state, both residential and commercial.
Commenting on the same, Prateek Mittal, ED, Sushma Group, said, “This policy will attract more industries to Punjab. As a developer, we had also planned to come up with specific zones for IT, ITES and Green Industries near the Chandigarh Airport that will provide the right real estate platform for these businesses.”
Further, it is also creating infrastructure to facilitate the investors make investments in the state. The government also intends to soon abolish the Change of Land Use (CLU) and NOC that had haunted the industries in earlier times and will boost the construction sector.
Also Read: Should you rent or buy a house when home loan rates are rising?
LC Mittal, Director, Motia Group, said, “This decision by the government will have a multiplier effect on the real estate development in the state. The move to build industrial clusters and parks while developing the state’s infrastructure will also attract investment in the state. It will help in creating a conducive environment for the growth of the industrial sector and promote ease of doing business and will encourage more entrepreneurs to invest in Punjab. All this augurs well for the state’s realty development.”
Tejpreet Gill, MD, Gillco Group, said, “The construction of an Integrated Industrial Township will have a ripple effect on the surrounding areas. It will create a demand for housing and commercial spaces, which will benefit real estate developers like us. This will also provide a boost to the local economy and create employment opportunities. Besides, it will also promote ease of doing business in the state and make it easier for us to acquire land and start new projects.”
The new Industrial and Business Development Policy 2022 unveiled today will accelerate the desired economic growth. The new policy aims to attract huge investment and generate maximum employment in the coming five years. It will also provide competitive incentives to all segments of investments, including expansions and new MSMEs, Large Units, Export Promotion, and start-ups of service and manufacturing.
This policy will provide a roadmap for infrastructure development, such as industrial parks, airports, and ports, which will further facilitate the movement of goods and people and enhance the state’s connectivity to global markets.
