The Union Urban Development Ministry has recently approved Delhi Development Authority’s (DDA) Land Pooling Policy with certain amendments. The real estate industry experts are seeing it as a positive step for the Delhi real estate market. How will this move impact the city’s real estate market? Will it help in reviving the real estate market? Let’s find out –
Gaurav Gupta, spokesperson, CREDAI Raj Nagar Extension says, “The step taken by DDA is a welcome step as it will bring more homes in Delhi and will further the development required in the capital.”
“If done as planned it will open up an option for the developers eagerly waiting to dole out houses. Buyers will also lap up the opportunity as they will get the desired house. It will bring fresh housing supply in Delhi which was clogged due to very limited supply by DDA,” says Gupta.
It is been reported that DDA hopes to implement the policy in the next two months as it will have to wait for the Delhi government to notify 95 villages as development areas. However the catch is, before that, the government has to declare 89 of these villages as urbanised.
Most of the villages are in West, South West and North Delhi. It has also been said that the policy will enable to build 24 lakh to 25 lakh housing units.
Prashant Tiwari, chairman, Prateek Group said, “As developers we would be eagerly waiting for the policy to take shape and turn out the way it is planned. The effects on the real estate market of Delhi will be very clearly visible once this activity starts.”
While talking about price correction, Sanjay Rastogi, director, Saviour Builder Pvt. Ltd. says, “The move confirms more supply and with more supply coming in, property prices will definitely come down in Delhi. But whether or not this will have an impact on property rates of other NCR region like Greater Noida, Ghaziabad & Noida is difficult to tell.”
Experts also view this move as a step closer to Modi’s mission of Housing for All by 2022. R.K Arora, chairman Supertech Ltd, says, “This policy will help making available more land for housing, thereby bringing down the exorbitantly higher land price prevailing in Delhi. It will also provide land for affordable & low budget housing, giving relief to the acute housing shortage in Delhi.
However, he says, “Since most of the land coming under this policy is in remote areas where infrastructure development will take time, the results of the policy cannot be expected in short term.”
We will need to wait and watch till the policy takes shape and gets implemented to get a clearer picture on the impact it will have on the Delhi realty market.