Yogi Govt Offers Incentives For Developers Building New Township Policy 2023, Including FDI Facility
The policy also allows for Foreign Direct Investment (FDI) in the township projects
The Yogi government in Uttar Pradesh has introduced the New Township Policy 2023 to address the challenges of urbanization in the state. The policy aims to promote affordable housing, control unplanned development in the outskirts of cities, enhance urban living standards, and attract investments. Private developers investing in the state will receive various incentives under this policy.
The most significant relief for developers is a reduction in the conversion fee for land use. Townships in areas with a population of 5 to 10 lakhs will receive a 25 percent rebate, while areas with a population of less than 5 lakhs can get up to a 50 percent reduction. Townships with a land area less than 50 acres are allowed only for residential use, whereas those with 50 acres or more can be used for agriculture too, subject to conversion procedures.
