To overcome shrinking land, Punjab plans to incentivise skyscrapers

With land resources shrinking and property prices shooting, Punjab is all set to lead India on the path of green growth by subsidising high-rise and energy efficient buildings in the state.

The state government has plans to attract massive skyscrapers in its cities and incentivise high rise and energy-efficient constructions through its new Real Estate Policy to be unveiled by mid-December.

"We will incentivise high-rise constructions in our new real estate policy. But Punjab must have the tallest building in the country," said state deputy chief minister Sukhbir Singh Badal. Sources in Punjab government said that the move was rooted in rapid urbanisation and lesser availability of land in urban areas which is why the state was keen to promote high-rise buildings to make optimal utilisation of urban spaces and employ modern, energy efficient technologies in such constructions.

The new policy for the real estate sector, currently being fine tuned, will incorporate measures to promote the use of green materials to create sustainable buildings and thereby boost the emerging concept of green growth with low carbon emissions.

"The state wants to encourage modern technology and energy-efficient housing materials. For this, we are working on providing incentives to green and solar powered buildings," a top state government official told PTI.

Showcasing its real estate wealth to realtors of the country, Sukhbir has already announced that Punjab government would unveil its new Real Estate Policy by December 15 that would accord industry status to the sector and remove various bottlenecks and simplify procedures. The state government is also planning to grant industry status to give a fillip to investments in the state in a bid to boost its economy which is facing a crunch due to global economic downturn.

The state hopes to attract Rs 50,000 crore investment into the state soon after the new policy is unveiled. Sukhbir said the state was set to make investment attractive by removing all bottlenecks and making the real estate policy incentive-based.

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