UNLOCKING DELHI’S LAND
six to eight years and this will meet the demand spelt out in the MPD 2021. The land pooling policy will be a turning point as far as housing needs of Delhi are concerned,” says Balvinder Kumar, vice chairman, Delhi Development Authority.
Although DDA hopes t o implement the policy in the next two months, it will have to wait for the Delhi government to notify 89 villages as development areas. Before that, the government has to declare 89 of these villages as urbanised.
The important question, however, is whether the new housing expected to come up in Delhi will impact the real estate markets in Noida and Gurgaon, which are already reeling under the pressure of a huge supply-demand gap? If yes, then what kind of damage is likely to be done?
According t o JLL I ndia Research, unsold inventory as of March 31, 2015 in Noida is 1,07,000 units and that of Gurgaon is 24,000 units. Until a few months, prices in NCR were generally speculative and not aligned with demand and investor activity was huge. The immediate impact of operational guidelines getting notified may not be much as construction in Delhi’s new zones - J, K (I and II), L, N and P (I and II) - is yet to begin. But investors in NCR will start to feel the heat once housing stock takes shape in Delhi. The ministry of urban development has approved regulations of the land pooling policy in Delhi with five amendments this week These seek to unlock around
of land through Most of the villages are in west, southwest and north Delhi Although DDA hopes to implement the policy in the next two months, it will have to wait for the Delhi government to notify as development areas. Before that, the government has to declare as urbanised This has to be done by the land and building departments of Delhi government. But considering the bitter relationship between the Centre and the Delhi government, this can be a challenging task and may not be accomplished within a month Once these two tasks/notifications are in place, DDA will invite applications from developers to deposit their land DDA will also have to divide land pooling zones into sectors. Each sector will have to surrender
HT Estates has time and again published articles on Master Plan Delhi 2021 and the real estate opportunities in the new zones