NHAI to offer land along National Highways for realty development
The National Highways Authority of India (NHAI) is in discussion with the Ministry of Housing and Urban Affairs (MoHUA) to offer land along the National Highways (NHs), which connects tourist spots and religious sites to develop real estate projects. An official said NHAI plans to offer the land to the housing ministry for building hotels, warehousing centres and affordable housing projects alongside the NHs. NHAI has offered land to the ministries and departments at concessional rates. It has a dual objective, such as better monetisation of land banks and pushing economic growth. The Ministry of Road Transport and Highway (MoRTH) said the authority acquires land to build highways and additional land to be used for peripheral activities related to the NHs. These land banks of NHAI, alongside highways, generally make way for public amenities, including retail shops, restaurants and Automated Teller Machines (ATMs). Such land banks would now also be offered for real estate development, touching pilgrimage sites and other places of tourist interest. According to an official, the real estate projects will include affordable properties. Affordable housing has been a key focus of the government. The project is expected to boost the real estate sector, which has witnessed a decline in the past few years due to currency demonetisation, liquidity and the Covid-19 pandemic. Co-founder and Chief Executive of Agrim Housing Finance, Malcolm Athaide, said the plan to build warehousing centres and affordable housing projects along the NHs would prompt the development of many micro-regions and create good micro realty markets. He said that it would also boost the monetisation of land alongside the NHs, which will improve the finances of NHAI. It will also create employment opportunities for both skilled and semi-skilled workforce for the overall development of many regions. The Secretary of the Ministry of Transport, Giridhar Aramane, said a major push is being implemented for connecting tourist spots, including religious destinations, with the NHs. Image Source
Also read: NHAI to share toll revenue with BBMP during Peenya flyover closure
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