Real Estate of Delhi growing vertically
If the government approves the plan by private developers to build high rise condominiums and 15 to 17 story buildings with all the modern amenities, then in the coming years, outer Delhi’s skyline may change. To make the development uniform and well planned, the government is planning to finalise the rule for “land pooling”.
The government is seeking opinions from private developers as to what should be the minimum project size – 50 and 100 acres or less than that – to enable a builder to get approval to start a project.
Recently, a meeting was held between Delhi Development Authority representatives (DDA) and real estate committee, by the Union urban Development ministry, to expedite the process. They are looking into the suggestions from big as well as small developers.
Officials of the Ministry expects the policy of “land pooling” may get approved by April, at the same time DDA will finalize Delhi’s development plan for 2021. Limiting the licenses to 50 acres and 100 acres will make sure that the complexes have all required social infrastructures, such as schools, shopping complexes etc, as per the officials.
As per the sources, major developers have already purchased some large portion of lands in Outer Delhi, in the surrounding area of planned urban extension, where NH-8 is connecting with NH-10 and Nh-1. In anticipation of government’s upcoming project, the land value in the area is rising up, as expected by property consultants.
The government feels that high rise complexes will reduce the price. But DDA will be held responsible if the property prices do not come down in Delhi and in its suburb. As DDA has not confirmed the land pooling policy for a long time. Initially, the authority was not giving approvals for such developments as they were the main developers in Delhi. The authority has now realized that land acquisition is not easy these days, hence they are waiting for the government to finalise the policy.
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