Land prices in Gurgaon and Noida could fall due to fresh supply in Delhi
Property consultant CBRE predict that land prices in Gurgaon and Noida may fall as 70,000 acre is likely to be available in Delhi due to DDA’s new land pooling policy. Delhi Development Authority (DDA) has recently passed land pooling policy, according to which, private developers can privately acquire land from landowners/farmers willing to participate in land pooling scheme (LPS). The policy involves giving 40-60% of the developed land back, instead of any compensation.
Mass/EWS housing projects and necessary support infrastructure will be developed by DDA and developers will receive a large portion of the land for further real estate development. DDA has identified 200 villages for this scheme and intends to convert around 90 villages into ‘development areas’ and about another 90 into ‘urban villages’. It is estimated that all such identified village areas are together likely to free up more than 70,000 acres of developable land in the NCR.
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