The decision by the Punjab Govt to abolish the Change of Land Use (CLU), NOC and the upcoming plan to build 20 Rural Industrial Clusters, 15 industrial parks and one Integrated Industrial Township by the Punjab Government. This decision is not only expected to 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, both residential and commercial.
The decision was announced by the Bhagwant Mann, Punjab Chief Minister while addressing the business magnates here during the inaugural session of the fifth Progressive Punjab Investors Summit. The CM plans to make Punjab the most favourable investment destination in the country.
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 Chandigarh Airport that will provide the right real estate platform for these businesses. Further, it is also creating infrastructure to facilitate the investors for making 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.
Mr. 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 state’s infrastructure on the one hand 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,”
Mr. 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.