How has Land Pooling Policy Influenced Delhi’s Real Estate Market?
MPD 2021 or the Master Plan Delhi 2021 is a newly drafted plan for Delhi. This plan has been drafted with the objective of offering an important scope to investors and developers in Delhi. This is due to the fact that the housing zone plan that the Delhi development Authority is all set to notify will be laying the foundation of around 26 villages. These 26 villages will be sited in the south-western part of the national capital. Delhi serves as the national capital and it has acquired great address value along with the status of serving as a well-known eco-social venue. There is a time span of forty-five days published by the Delhi Development Authority for objections and suggestions in the new land pooling policy that is to be implemented on April 18. The previous date for the implementation of LPP was 2nd June which has already lapsed. At present, there is an eager wait among all the shareholders for the policy notification. It is to be noted that this policy has been specifically designed keeping the norms of land pooling in mind.
Low Population Density Regions- The Venues for Large Scale Construction
The Delhi development Authority has confirmed the plans surrounding Delhi’s low population density areas along with green belts. As per these plans, the low population density areas of Delhi will be representing around 26 villages. The plan duly states that all the farmhouses spread over an area of 1 acre will be approved with a Floor Area Ration of 30%. The declaration of the land pooling policy has resulted in hidden but aggressive movements by the investors and also the NRIs. However, it is worth noting that this policy will be surely boosting the development of Delhi‘s low population density regions.
The villages that are sited on Delhi’s edge will be retained as green belts and they will be serving as the lungs of Delhi. Large scale construction is all set to take place in regions that are low in population density. Another point that is worth noting is that the rates for the residential units will be kept low. This is being done to serve the objective of helping people meet their budget constraints. Specifically speaking, the prices of the residential units will generally range between Rs. 2.5 and Rs. 5 per acre depending on the zone that a person looks forward to invest in. The prices of the residential units will also depend on the different amenities that are being provided in a particular zone. In addition to this, individuals will also get the opportunity of experience the convenience of conveyance. This is due to the fact that all the residential apartments will be very close to the pre-planned diplomatic Enclave 2 project sited at Dwarka.
Modifications Made in the Land Pooling Policy
Major disagreements between the Delhi Government and the Delhi Development Authority on certain modifications made to the rules of the land pooling policy, found the policy going nowhere. Not only this, there were also certain unprincipled and dodgy elements found proposing residential assignments and getting cash from the inexperienced and uninformative buyers. These elements came with the claims of offering the buyers a house that they can actually possess in Delhi.
There can be absolutely no doubt in the fact that the Land Pooling Policy is a very novel concept. It is a policy that is completely aimed towards offering a solution to the issues faced by people when it comes to possessing land in any region in Delhi. People generally face problems in land possession in Delhi because of the existence of fragmented land possessions and high compensations. The Delhi Development Authority has actually come up with two separate categories of this policy. One category consists of land between 2 and 20 hectares and the other category consists of land above 20 hectares. The boosted 40% huge coverage by way of the policy as opposed to the 33% coverage previously shall help in promoting the participation of the private sector in land consolidation and development. As per the policy, landowners in Delhi will be getting around 48% to 60% pooled land. This land will be available to the landowners for development purpose. The owners can make use of this developed land as per their wish. The remaining part of the pooled land will be used effectively by the Delhi development Authority for infrastructure development and for the development of public and semi-public areas.
To conclude, the Master Plan Delhi 2021 and the Land Pooling Policy come with the potential of completely changing the structure and the dynamics of Delhi’s residential market. These plans are all set to change the real estate market of Delhi by boosting the development and the supply of residential apartments available within affordable rates.