Increased FAR for those who give land for public use
New Delhi- As per the new Master Plan of Delhi, if a part of any property comes in the way of a development project which is carried by Delhi Development Authority, then the DDA will have complete right for land acquisition, but in return, as a part of compensation, the Authority has to give additional Floor Area Ratio (FAR).
The landowner will be allowed to build additional floors on the property of which some portion is given for public use.
DDA officials said that, in case of a plot or a constructed portion, an FAR certificate of 150 percent will be given for a plot or a constructed portion while 100 percent FAR will be given for green area. The earned FAR can either be used at the same site or any other site located in the vicinity of three to four kilometers also.
This plan will be a part of Transferable Development Rights (TDR) under the new Master Plan that looks to provide flexibility for those who want to transfer their land for public utilities and get a floor area certificate in return. At a time of scarce land availability and DDA being favourable to vertical development of the city, the TDR will endeavor in creating more space in the city for development.
But granting TDR certificate to heritage structures and land under forest and environment department requires special clearances.
The TDR scheme is likely to start with the Unified Traffic and Transportation Infrastructure (Planning and Engineering) Centre (UTTIPEC) initiating phase I of the Transit Oriented Development (TOD). Under this project, TOD corridors have to be created which requires a big area of land that is included in many properties in Delhi including Government and private properties.
TDR model has been started in cities like Bangalore, Hyderabad and Ahmedabad for creating road networks. Several agricultural lands have been pooled by the state governments of these cities. As the Government is planning to widen more roads, the value of the farmland is also likely to rise, observe DDA officials.
Click here for related forum discussion
Related Real Estate News:
Real estate prices unlikely to reduce
Real estate to get a boost with RBI rate cut
Developers increase focus on senior-friendly housing
additional floors, Agricultural land, Compensation, Delhi Development Authority, development project, FAR certificate, Floor Area Ratio, green area, Heritage structures, land acquisition, land availability, land under forest and environment department, landowner, Master Plan of Delhi, New Delhi, private properties, Properties in Delhi, TDR certificate, Transferable Development Rights, Transit Oriented Development, Unified Traffic and Transportation Infrastructure (Planning and Engineering) Centre
