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Govt mulls fee levy on land sale if infra push boosts prices

29 Aug 2016

Govt mulls fee levy on land sale if infra push boosts prices   NEW DELHI: The Govt mulls fee, is exploring the option of imposing a "betterment charge" on sale of land in an area where costs have accepted because of infrastructure development projects, for example, roads, fast rail, industrial corridors or smart cities.   A draft 'value capture policy (VCP) framework' has been placed in public domain and is expected to raise what the govt. alludes to as "creative financing", however expenses, for example, those proposed are prone to be disliked, as they mean land sales will be subject to a charge being skimmed off on the ground that the rise in value was connected to policy measures.   "The cost of private area and property in a specific zone and its surrounding zone go up primarily because of infrastructure development with public investment and policy actions. We are setting up a list of projects that can be distinguished for this reason. It will be a non-budgetary source to fund major infrastructure projects," said an official who is a member of an inter-ministerial panel to prepare the VCP framework.   The "improvement charge" or impact expense will be forced on land owners during sale of land, when they look for authorization for construction.   The idea appears to have been acquired from developed nations like Japan and France and is a sort of open financing that recovers some of the value that public infrastructure generates for private land owners. However, the western example also rests on the reasoning that countries spend a lot on public amenities and social welfare.   As indicated by the draft policy framework, the 'value capture finance' would be different for different projects and the gestation period would determine the method to be used. It says the objective of the mechanism would be distributing a fair share of cost among all stakeholders. By Sanjay Bansal | Founder & CEO | Affordable Homes India

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