LAND POOLING – NEW POLICY WILL EXPAND DELHI’S URBAN LIMITS

According to Master Plan Delhi, 2021, the expected population of Delhi will be 2 crore 30 lakh by 2021. The new policy notified by the Centre is based on public-private partnership and will replace the current model of acquiring land by DDA and allow private players to be involved in the process.

Balvinder Kumar, vice-chairman of DDA, says, “DDA will be responsible for a time-bound development of identified land with master plan roads, physical infrastructure like water supply, sewerage and drainage, social infrastructure and traffic and transportation infrastructure including Metro corridors.“

Rakesh Yadav, MD of Antriksh Group, says, “With the pressure of increasing population, unavailability of land, etc, developers now have new areas in the NCR to bring in residential projects.“

Navin M Raheja, CMD of Raheja Developers, says, “This policy is going to bring down property rates in Delhi, which have been rising due to the gap between supply and demand in housing. “ Anil Sharma, CMD of Amrapali Group, says: “Land acquisition and planned development has not kept pace with the increasing demands of urbanization during the last five decades. The process of acquisition is increasingly challenged by landowners due to low compensation. The new land-pooling policy will certainly meet the housing shortage in Delhi.“

R K Arora, CMD of Supertech Ltd, says: “The policy is good on many accounts. Under new policy, the owners of land will have to surrender a stipulated portion of the pooled land to DDA for infrastructure development and green and open spaces. DDA will act as a facilitator, with minimum intervention, to speed up integrated planned development.“

Dhirendra Gaba, CMD of Fairwealth Group, says: “This is a welcome step as it will bring in more housing stock to Delhi and further the development necessary for the national capital.“

Amarjit Singh Bakshi, CMD of Central Park, says: “We were eagerly awaiting the policy to take shape and its effect on the real estate market of Delhi will be clearly visible once the development activity begins.“

Dinesh Jain, MD of Exotica Housing Ltd, says: “This will rewrite the real estate scenario of Delhi. With more supply coming in, property prices will come down in Delhi.“

Source: Times Property, May 30, 2015

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