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The urban development ministry is planning to set up a public sector company that will acquire land in cities and develop housing complexes for middle and higher income groups. The move is aimed at moderating property prices and meet growing housing needs.
“The urban development ministry is in talks with various state governments to acquire land and develop both high-income and middle-income group housing. Development of shopping arcades and convention centres is also on the cards,” urban development minister Jaipal Reddy told ET.
The move intends to bring down rising property prices by offering stiff competition to private developers.
According to sources in Nirman Bhawan, the proposed company will focus on developing real estate across the country under a single umbrella even as state governments have their own agencies dedicated to housing development. Delhi Development Authority, Haryana Urban Development Authority, Punjab Urban Development Authority are some such agencies.
“Properties sold by the new company will be free from irritants like unclear land titles and faulty registration. Moreover, tabs would be maintained to check speculation in prices and the states would get the due amount of stamp duty,” a source said.
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“The urban development ministry is in talks with various state governments to acquire land and develop both high-income and middle-income group housing. Development of shopping arcades and convention centres is also on the cards,” urban development minister Jaipal Reddy told ET.
The move intends to bring down rising property prices by offering stiff competition to private developers.
According to sources in Nirman Bhawan, the proposed company will focus on developing real estate across the country under a single umbrella even as state governments have their own agencies dedicated to housing development. Delhi Development Authority, Haryana Urban Development Authority, Punjab Urban Development Authority are some such agencies.
“Properties sold by the new company will be free from irritants like unclear land titles and faulty registration. Moreover, tabs would be maintained to check speculation in prices and the states would get the due amount of stamp duty,” a source said.
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