UP govt to formulate township policy before global investor summit

Taking cognizance of the Noida twin towers, which were demolished last month on the apex court’s order over flagrant violation of norms, the Uttar Pradesh government is drafting a fresh township policy to serve the real estate sector and attract private investment.

The proposed policy is likely to be ready by month-end to ensure its implementation before the mega UP global investor summit in January 2023. The state government is targeting to garner investment worth Rs 10 trillion.

In recent years, UP has netted private investment of almost Rs 31,000 crore in an array of township and integrated township projects. However, the state government feels the sector would be better served with a contemporary township policy in the interests of all stakeholders that is consumes, developers, investors, etc.

“There is immense potential for growth in the real estate sector. To attract investors to the proposed global summit, it is necessary to make the integrated township policy more contextual,” UP Chief Minister Yogi Adityanath has directed top officials.

Moreover, the government has reiterated ‘zero tolerance’ against shady land deals in real estate projects. The state development authorities and urban civic bodies have been tasked with rooting out illegal settlements and clamping down upon unplanned development.

After much anticipation, realty major Supertech’s illegal twin towers in Noida were demolished on August 28. Adityanath has already instructed stern action against the culprits of the one-and-a-half-decade case.

“To achieve the goal of becoming a $1-trillion economy, UP has to bolster the pace of urbanisation and therefore we have to showcase a stellar model of urban planning for securing investment, generating employment and spurring innovation,” he underscored.

The new townships in UP will be developed taking into account the requirement of the next 50 years. The master plans of the development authorities will comprise the respective blueprint as well as financial management for long term self-sustainability.

Meanwhile, the government has also decided to develop Lucknow as the State Capital Region (SCR) axis on the lines of National Capital Region (NCR) for macro urban development. The proposed Lucknow-SCR will comprise seven districts of Lucknow, Unnao, Sitapur, Rae Bareli, Barabanki, Kanpur Nagar, and Kanpur Dehat. An expert group will be constituted to study all dimensions, so that a detailed action plan is submitted to the government.