Real Estate Chandigarh

Residential and Commercial properties in Chandigarh..

12 June 2006

Migrant workforce has reason to cheer

Responding to a crying need to raise social infrastructure in the Baddi-Barotiwala-Nalagarh and Parwanoo industrial belts, the Confederation of Indian Industries (CII) in association with Himachal Pradesh government has decided to construct 12,000 dwelling units for around 24,000 migrant workers.

Banks, industry and farmers would pitch in with easy loans and land for the project.

The construction will take place in the 10-km radius from Nalagarh-Ropar border to Jabli in Solan, at an investment of around Rs 120 crore, to be financed by the banks.

As per the plan the industry will enter into a tripartite long lease (10 years) agreement with agriculturist/owner and will pay EMIs to the bank till full repayment of loan against each dwelling unit.

After that, the farmers would retain ownership of the houses and continue to get rent from industry.

CII’s role would be to facilitate a memorandum of understanding between the Canara Bank and HDFC Ltd and department of industries, HP. On its part, the state government will allow land usage conversion and will not levy any local body or property taxes on the houses.

Counting the benefits of the project president Baddi-Barotiwala-Nalagarh Industries Association, AR Singh said, "It would create wealth and assets for Himachali agriculturalists. The industry will have sustained availability of local workforce.

Those living in nearby villages will get self-employment opportunities in trades like grocery stores/eateries, transportation and telecommunication services."

Source:http://www.timesofindia.com

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