The Uttar Pradesh government has given its approval to a resolution aimed at expeditiously completing construction of 2.40 lakh homes within the National Capital Region (NCR). This landmark decision comes as a relief for numerous homebuyers grappling with uncertainty due to stalled real estate projects.
The decision was taken in a cabinet meeting, chaired by Chief Minister Yogi Adityanath, held here on Tuesday. The impetus behind this resolution lies in the diligent efforts of a committee chaired by Amitabh Kant, former CEO of NITI Aayog.
The committee, tasked with finding solutions for the financial challenges faced by developers, provided key recommendations that have now been integrated into the decision-making process. The primary objective is to facilitate the swift revival of dormant projects, ensuring that homebuyers receive their properties without further delay.
In addition to this, the Uttar Pradesh cabinet has initiated significant financial measures, including the issuance of municipal bonds for key cities such as Kanpur, Prayagraj, Varanasi, and Agra through the Municipal Bond initiative. Furthermore, the cabinet has approved the allocation of funds from the Infrastructure Development Fund specifically for credit rating investments, signalling a strategic move towards bolstering the financial health of urban development projects.
In a strategic move, the Uttar Pradesh government has approved the sale of premium liquor brands at airports, metro & railway stations across the state under the new excise policy. The new policy outlines an ambitious goal for the Excise department to generate revenue amounting to Rs 50,000 crore.
To achieve this, an increase of 10% has been implemented in the licence fees. This step is anticipated to boost revenue streams for the state while catering to the demand for premium alcoholic beverages in key transportation hubs.
Notably, the policy also grants permission for the establishment of wine plants within the state. This move aligns with the government’s efforts to diversify revenue sources and provide opportunities for the wine industry to flourish in Uttar Pradesh.
Furthermore, the new policy mandates every liquor vendor to facilitate digital payment options for customers. This digital push aims to streamline transactions, enhance transparency, and align with the broader vision of promoting a cashless economy.
