Punjab government has reduced the minimum area required for residential colonies from 105 to 25 acre.
In a notification issued on June 18, state government had stated that wherever zonal or sector plans have been notified, the minimum area for developing a residential colony would be 25 acres in high and medium potential zone, while in low potential zone, the minimum area for residential colony would be reduced from 25 acre to 10 acre. In case of group housing projects outside Greater Mohali Area Development Authority (GMADA) area, the minimum area for projects would now be reduced from 10 to 5 acre.
It was also decided that in case of commercial pockets within municipal committee or corporation limits (excluding GMADA), the norms for minimum area would be the same as notified by department of local government. However, outside municipal committee or corporation limit (excluding GMADA region), the minimum area norms would be reduced from two acre to 1,000 square metre. Such plots must have a front of at least 20 metre.
The announcement, which is the part of economic stimulus package to give a boost to real estate sector, has come as a ray of hope to small and medium builders in Mohali who have otherwise been finding it hard to fulfil the requirement of 105 acre to come up with their housing project.
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