Chandigarh's property landscape is set for transformation with two ground breaking policies on the horizon. The UT administration plans to introduce policies allowing the conversion of leasehold properties to freehold and changes in land use. The conversion policy will let commercial and industrial plots become freehold properties through a conversion process, while the land use conversion policy will shift industrial plots to commercial zones, enabling business-to-consumer activities. The draft CLU policy is close to completion and has involved stakeholders' input. These policies mark significant shifts, aimed at shaping Chandigarh's real estate and economy, guided by meticulous planning and stakeholder engagement.
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A significant development is on the horizon for property owners in Chandigarh as the administration unveils plans to introduce two transformative policies. The UT administrator, Banwarilal Purohit, announced during a recent meeting of the Administrator's Advisory Council that policies allowing the conversion of leasehold properties to freehold and facilitating changes in land use are in the works.
The proposed conversion policy for leasehold to freehold would enable commercial and industrial plots within the city to undergo a conversion process, transforming them into freehold properties. The conversion would be subject to the payment of a conversion charge, allowing property owners to enjoy increased ownership rights.
Another pivotal policy in the offing is the change of land use (CLU) conversion policy. Under this policy, industrial plots would gain the opportunity to transition into commercial zones. This shift is set to provide a unique avenue for business-to-consumer (B2C) activities, which are currently restricted within industrial areas.
The eagerly anticipated draft of the CLU conversion policy is nearing completion and is expected to be made public within the next week. In a proactive approach, the administration has already initiated discussions with stakeholders to incorporate their insights and recommendations into the final policy. Representatives from various industries were recently engaged in a meeting with senior UT officials, during which they shared their perspectives and were invited to submit written recommendations for the forthcoming CLU policy.
Administration officials have affirmed their commitment to carefully reviewing and integrating the suggestions received from stakeholders. Beyond this, the financial implications of the policy, along with considerations aligned with the master plan, are undergoing thorough examination. Notably, this marks a significant shift as the administration is set to reintroduce a conversion policy for the Industrial Area after a hiatus of nearly two decades.
The spotlight also falls on the regulation of business activities within the Industrial Area. Despite being prohibited by the Chandigarh Master Plan (CMP), business-to-consumer (B2C) operations were initially permitted in the 2005 Conversion Policy, only to be rescinded in 2008. The deputy commissioner (DC) is at the helm of steering these policy formulations, indicating the meticulous approach taken to navigate these crucial changes.
As Chandigarh prepares to usher in these pioneering policies, property owners and stakeholders are keenly watching for the concrete impact they will have on the real estate landscape and the local economy.
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