The Ministry
of Housing & Urban Affairs has approved the land pooling policy that is
expected
to see 17lakh dwelling units come up in the national capital, of which 15 percent units
will be in the affordable category. “I have signed the land pooling policy
today,” Housing and Urban Affairs Minister Hardeep Singh Puri told Money
control.
The land
pooling policy was cleared by Delhi Development Authority (DDA) at its board
meeting in September after almost five years. It covers any urbanisable area of
urban extensions in 95 villages. With a floor area ratio (FAR) of 200, Delhi’s
76 lakh people will be accommodated in these homes. To promote affordable andinclusive housing, 15 percent FAR, over and above the permissible FAR, has been
allowed for economically weaker sections (EWS).
The policy
covers green field areas in five zones, including J, K-1, L, N and P-II, which
come under the Master Plan of Delhi-2021 (MPD).
“It is the
step in the right direction. It was long awaited but the real challenge lies
ahead for Delhi Development Authority on how fast they operationalise the
pooling mechanism and initiate measures to attract large investments from
institutional capital,” Says Ramesh
Menon of Certes Realty.
The land
pooling policy will now have to go through two more steps. The Ministry will
have to issue a gazette notification, following which it goes back to DDA for
operationalisation.
As part ofthe land pooling policy, DDA will act as a facilitator and planner while the
process of pooling and development will be undertaken by developer entities or
the consortium. A single window mechanism has been created for implementation
of the policy.
Land owners
having land of any size can participate in the Policy; however, the minimum
area to be taken up for development would be two hectares. A developer entity
(DE) or an individual can participate in the scheme by pooling land parcels
covered under a sector as per the Zonal Development Plan. For planning and
development of infrastructure, integrated sector-based planning approach shall
be followed.
A sector will comprise 250-300
hectares of land. Once the
minimum 70 percent contiguous land of develop able area, free of encumbrances,
within a sector is assembled, such sectors will be eligible for development
under the policy, where any individual,DE or consortium with minimum two Hectares
of land can take up development.
Menon saidwhile land pooling will be a good opportunity for high net worth individuals to
invest in land, home buyers are cautioned to stay away till licences are issued
by DDA.
Various
notifications and judicial orders explicitly prohibit any marketing and sales
of real estate projects without a valid licence to build and prior registration
with Real Estate Regulatory Authority authorities. Many a projects advertised
by quasi developers in Delhi have neither, and DDA has already cautioned
prospective buyers.
The policy mainly conceptualized
under the Master Plan 2021, planned by Delhi Development Association in order
to transform Delhi in a hub of integrated smart cities. It enhances the
infrastructural advancement and accommodates housing facilities for every
citizen in Delhi NCR.
As per the Land Pooling Policy,
the farmers and landowners now together pool their lands so the real estate
builder develop it in a more useful way and provide affordable housing projects
to Delhi’s people. With the implementation of Land Pooling Policy, the
development and expansion of the city work in a systematic manner as it
increases the availability of fresh land.
The policy primarily aggregate
small land area into a large one, establish essential infrastructures such as
24×7 water supply, drainage, and sewage system, also initiate provision for
other social infrastructure, including main roads, metros and give back the
developed land to developers.
Further more, some parts of this
land will be sold by the government to recover the cost of developing
infrastructure and public spaces and this policy will be the main key to its
success.
DDA will only act as a facilitator while developers will carry out the task of pooling land and under taking development works. DDA will have a single window system for implementation of the policy .
DDA will only act as a facilitator while developers will carry out the task of pooling land and under taking development works. DDA will have a single window system for implementation of the policy .
So it is good time to for home buyers' new thing are coming !!!
Future Realty India.visit at our website www.futurerealtyindia.com or call us 9999814544 mail us at info@futurerealtyindia.com
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