GANDHINAGAR: The Gujarat government’s new urban housing policy, under revision for the first time in a decade, includes relaxed redevelopment rules and the transition of housing board colonies to freehold status. This more liberal policy aims to encourage affordable housing by revitalizing old colonies established by local or state authorities, as well as aging private societies. The urban development and housing department is currently drafting the policy, which is anticipated to be released soon.
“We have created a new draft policy following initial consultations with stakeholders and plan to unveil it for public feedback shortly,” a knowledgeable source stated. “The government intends to designate all colonies managed by the housing board or related authorities as freehold to facilitate the redevelopment process,” the source added.
The policy is set to increase transferable or sale rights for housing board members. Presently, housing board colonies are restricted to a 99-year lease, complicating their sale or transfer. The freehold status will allow property owners to more easily navigate redevelopment options, the source noted.
The government aims to provide a Floor Space Index (FSI) of 3+ to enhance the appeal of redevelopment ventures. Through this measure, developers will access more land and gain the ability to profit from selling additional apartments after fulfilling original resident allotments. There are discussions about allocating more open land to developers for commercial projects, which could help finance these housing initiatives, according to unnamed officials.
This policy seeks to create affordable housing opportunities in desirable areas where property prices are generally elevated. Additionally, it’s suggested that the development regulations may also be liberalized for all government-authority-managed or private housing societies, sources indicated.
