UP cabinet creates grants for new townships in 7 cities

03 Aug 2023 CW Team

On Tuesday, the state cabinet established a fund of $10 billion for developing townships in seven important cities in Uttar Pradesh.

The housing department will give funding to development authorities so they can pool the land that will be needed to plan townships.

The local housing development authorities will support the state government's plan to establish townships, which will offer families living in the city's metropolitan districts reputable and high-quality housing options.

On Tuesday, Nitin Ramesh Gokarn, the additional chief secretary for the housing department, said that the funds would be utilized to build townships in Agra, Aligarh, Bulandshahr, Bareli, Gorakhpur, Jhansi, and Chitrakoot.

The agency will allocate a total of $10 billion to give the seven communities the initial push they need to buy land. The cost of purchasing the land will be split equally between the state and the development agencies, with the state paying half of the cost. A nominal interest rate will be imposed on the seed money, which must be returned to the government after 20 years.

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