Madhya Pradesh Approves Real Estate Policy 2019 To Boost Property Development
In a move to boost real estate development in the state, the Madhya Pradesh government has approved the Real Estate Policy, 2019, under which the number of the documents to be submitted by developers for their projects has been reduced to five from 27. The new policy has already been approved by the state cabinet. The decision is expected to cut down the red-tapism in project building.
What does the Madhya Pradesh Real Estate Policy 2019 include?
*The new policy has revoked the minimum two-hectare norm for development of a colony. Now, developers can develop a colony on a smaller piece of land.
*The policy has also extended the scope of permit validity till five years from the date of issuance and licence to remain effective across the state.
*The policy offers floor area ratio (FAR)-free zones on the outskirts of big cities to ensure the development of new areas.
*The policy adds new provisions for developers constructing houses for the people from the lower-income group.
*The policy endorses Bed and Breakfast Establishment Scheme, 2019, in a bid to woo tourists from various parts of the country and abroad.