Srinagar: The Administrative Council has approved the Land Pooling Policy and Transferable Development Rights Policy aimed at giving fillip to the real estate sector in J&K, an official press release informed Saturday.
It said the Administrative Council meeting was chaired by Lieutenant Governor Manoj Sinha and attended by Advisor R.R Bhatnagar; Chief Secretary, Atal Dulloo; and Principal Secretary to LG, Mandeep Bhandari.
Under the land pooling policy, developers or private land owners shall come together to pool their land and obtain authorization for development. While authorizing development, the concerned urban governance agencies shall keep sufficient land for development of infrastructure, wide roads, parks, open spaces and other amenities and the remaining land would be returned to the landowners which they would share proportionately among themselves.
The benefits of land pooling for various stakeholders would be that the value of land increases for the landowners and better infrastructure gets created as compared to the irregular land plots pooled by the landowners developing that land parcel. The proposed policy would be applicable to notified land parcels of 50 hectare or more.
In another development, AC approved a policy regarding Grant & Utilization of Transferable Development Rights. Under this scheme, for the land surrendered by a land owner or a developer free-of-cost for public purposes such as road widening, public passage, for conservation, heritage and other infrastructure development, shall be granted a non-financial compensation in the form of a TDR certificate specifying the Built-Up Area (BUA) or Floor Area Ratio (FAR) given to a land owner or developer which he can utilize in remaining part of his property or build elsewhere and even monetize by selling TDR to any other developer or user in receiving areas.
This would allow developers to build over above the permissible Floor Area Ratio (FAR) for the land surrendered in congested areas. TDR policy is aimed to help accelerate implementation of Master Plan proposals and shall be initially implemented in the JDA and SDA jurisdiction.
Administrative Council also approved the proposal of Housing department to engage National Building Construction Corporation (NBCC) for fast-tracking development of Srinagar Satellite Township at Rakh Gund Aksha Bemina where Srinagar Development Authority would be utilizing 3290 kanals of land parcel for construction of residential plots, group housing apartments besides constructing 3200 flats under affordable housing.
Satellite Township shall have commercial, government offices, green spaces, sports facilities and a 200 key 5-star hotel and the entire project shall be completed in phases over a period of 5 years. The decision to engage NBCC for consultancy and as an executing agency was taken to speed up pace of work. It may be recalled that the High Court complex and Medicity are also coming up in the vicinity of the township.
