Under the 'Affordable Housing Policy 2015', incentives in the form of reduced Change of Land Use (CLU), External Development Charges (EDC) and License Fee would be given to promoters undertaking construction of affordable houses for economically backward strata of society.
Maximum area under the affordable housing scheme would not exceed 10 per cent of total gross area and minimum area proposed was five acre contiguous and compact chunk of land.
All such projects would be necessarily required to be completed within five years from date of issue of licence to avail these benefits.
A decision to this effect was taken here by the cabinet in meeting held under the chairmanship of Chief Minister Parkash Singh Badal, an official spokesman said.
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In a bid to check illegal mining in the state, the Cabinet approved to amend Punjab Minor Mineral Rules 2013 for constituting District Mineral Foundation and State Mineral Foundation, the spokesman said.
Now it would be the responsibility of land owner to inform the District Mining officer of any illegal Mining taking place from his land.
Freight Corridor Corporation of India (DFCCIL) for raising funds to the tune of Rs 92.25 crore as state's share for constructing 17 railway over-bridges (ROBs)/ railway under-bridges (RUBs).
The loan would be repaid in installments over a period of 10 years along with interest, including three years moratorium on repayments, the spokesman said.
The cabinet also gave its nod to the draft of Punjab Bovine Breeding Act, 2016, which will regulate bovine breeding activities, including use of bovine breeding bulls for production of bovine semen, processing, storage, sale and distribution of bovine semen and artificial insemination.
The cabinet also approved to establish satellite centre of PGIMER, Chandigarh at Ferozepur.
It also accorded approval to dispose of 1509 varieties of paddy, procured by various procurement agencies in the state during kharif season 2015-16, on the price based on all expenses inclusive of taxes through inviting tenders.
"If the Punjab state procurement agencies are unable to fetch the amount equivalent to their cost, in such cases, the state government would compensate them for the difference of price," the spokesman said.