The Master Plan Delhi 2021 newly drafted for Delhi is being considered to provide a major scope to both the developers and investors. This is because the housing zone policy that is to be notified by Delhi Development Authority in the near future will lay the foundation of 26 villages to be located in the south-western part of Delhi. The capital of the country-Delhi, acquires the address value peculiarity besides the status of being a popular eco-social spot. The DDA has published the forty five days time span for suggestions or objections regarding the new land pooling policy on 18th April which has already lapsed on 2nd June. Now, all the shareholders are eagerly waiting for the notification of the policy that has been designed according to the norms of land pooling.
Construction will be taking place in low density regions
The schemes surrounding the low density regions along with green belts are confirmed by DDA wherein the low density regions are being estimated to represent a total of 26 villages. It has duly been stated in this context that all the farmhouses that are spread over a land of 1 acre shall be allowed with a Floor Area Ratio of 30%. The Land Pooling Policy declaration has triggered aggressive but hidden movements by investors including the NRIs. This will boost the development of such areas.
The villages located on the edge of Delhi shall be retained in the form of green belts serving as the lungs of Delhi. Construction will be taking place in areas that have low population density. It is also to be noted that the prices of the residential apartments shall be kept very low with the objective of meeting the budget constraints of people. To be very specific, prices of the apartments will range between Rs. 2.5 and Rs. 5 per acre based on the zone that an individual is investing in and the amenities being offered by the zone. Additionally, people also get the scope of enjoying the convenience of commutation since the residential projects will be in close proximity to the already planned diplomatic Enclave 2 assignment at Dwarka.
Amendments Made to the Land Pooling Policy
The disagreement between the DDA and the Government of Delhi on certain rule amendments found the Land Pooling Policy going nowhere. On the other hand, there were even certain unscrupulous elements found announcing residential projects and collecting cash from inexperienced buyers claiming to offer them a house that they can call their own in Delhi.
The Land Pooling Policy, in its very own concept is a novel idea. This policy is aimed towards solving the problems by people in possessing land in Delhi because of high compensations and fragmented land holdings. There are two categories of this scheme created by the DDA and they are land above 20 hectares and land between 2 and 20 hectares. The boosted 40% grand coverage under the policy against the previous 33% shall promote the participation of the private sector in land development and consolidation. The land owners will be receiving between 48% and 60% of pooled land for the purpose of development and this developed land can be used the way they desire. The remaining portion of pooled land shall be used by the DDA for developing infrastructure and semi-public and public areas.
All in all, the Land Polling Policy and Master Plan Delhi 2021 possesses the potential of changing the dynamics and the structure of residential markets in Delhi by enhancing the supply of residential units within an affordable range.