Mohali: Punjab will bring in a new housing policy for the state by the mid of next month in a bid to attract more investments for its real estate sector, Deputy Chief Minister Sukhbir Singh Badal said in Mohali on Thursday.

Speaking at a function, Sukhbir said Punjab is all set to become the new investment destination as it is having the highest growth rate even when the national economy is under stress.

Sukhbir said the new policy is aimed at ensuring hassle-free and time-bound clearances for the investors, besides offering incentives in Floor Area Ratio.

Noting that the availability of land is limited in the state, he batted for vertical expansion through high-rises. "We limited availability of land, the only answer is going vertical," Sukhbir said, adding that the new policy will encourage high-rises.

Earlier, Sukhbir laid the foundation stone of the new 10 storey building that would be completed within 48 hours using the energy-efficient factory fabricated technology.

Announcing construction of 2 lakh houses for people from economically weaker sections of the society within next one year, Sukhbir said that the new building technology unveiled on Thursday can be used in such houses.

He asked the Punjab Urban Development Authority (PUDA) to study and submit a report regarding suitability and economy of new technology for mass housing.

(Agencies)

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