The NIA on Wednesday launched a new property class which it said is “more open, more transparent, and less restrictive than the existing norms”.
In its latest circular issued by the government, the agency said the new category of land for lease in all the States will come into effect from July 1, 2019.
In the previous class of land, which was set up in 2015, the maximum number of houses per hectare for lease was capped at 50.
This new class of property, which will cover all the State’s State capitals, will be capped at 200.
NIA said in the new class, the land can be used for building housing and offices, roads, public transport and public spaces.
The circular further said that the existing restrictions will be reviewed and any such restriction will be reduced or removed as per the requirements of the new land class.
“The proposed amendment to the existing land norms will not affect any existing lease in the land category,” the circular said.
Under the new rules, all land under the old category will be available for sale, the circular added.
Land in the category will also be exempt from the property tax, the NIA said.
The land for rent category is also expected to be introduced in the next few months.
According to the NILO, land in the existing category will cost the government up to Rs 6.75 lakh per hectum.
It also said that this new class will cost around Rs 12 lakh per ha for the new scheme.
There will be exemptions in some areas, for example, the entire length of the coastline, the proposed exemption in coastal areas will also apply.
A special scheme for land for rental and sale has also been set up for the period from July-September 2019.