NRIs to set up integrated township in Punjab

Thursday, 31 October 2002, 20:30 IST
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CHANDIGARH: A group of Indian expatriates visiting Punjab have agreed to set up an integrated township spread over 200-400 acres in the state. The proposed township would be located near Chandigarh, the joint capital of the Punjab and Haryana states, an official spokesman said. The 40-member delegation comprising NRIs from US, Canada and Britain signed a memorandum of understanding (MoU) with the state government to this effect. The NRIs have agreed to invest for the development of the integrated township, offering high quality living amidst state of the art infrastructure, he said. The delegation, which visited Patiala, Ludhiana, Jalandhar and Amritsar in Punjab besides Chandigarh, promised to invest up to $100 million in various ventures, including hydroelectric power, health, education and tourism. The Punjab NRI Entrepreneurs led by Lakhwinder Singh Wednesday signed the MoU with Punjab Urban Planning and Development Authority (PUDA) in the presence of Chief Minister Amrinder Singh, the spokesman said. Singh said there was an enormous demand for high quality residential accommodation in urban and suburban areas of the state. "Since PUDA had limited resources for developing quality housing construction on a massive scale, it was felt necessary that the Punjab government through the PUDA also assist in identification of land for the project arranging local sanctions, permissions, approvals and obtaining no objection certificates." PUDA would also assist in the acquisition of land for the Entrepreneurs in accordance with the provision of Land Acquisition Act, 1894, and transfer the title and possession of the acquired land to them for setting up the integrated township on commercial lines. The entrepreneurs would undertake construction and facilitate the smooth implementation, marketing and sale of the project in a professional manner and finance the entire project at its own cost.
Source: IANS
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