SRINAGAR, July 27: The Administrative Council approved the Land Pooling Policy and Transferable Development Rights Policy aimed at giving fillip to the Real Estate sector in J&K.
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.
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