The date of 7th November 2014 will be remembered as the date of change on Delhi’s landscape. The significance of this date is that on this day, Delhi Development Authority, with proper direction under Ministry of Urban Development brought Land Pooling Policy to Delhi. This policy will turn entire Delhi into a group of integrated smart cities offering best places to live as well as to work. In the last couple of months, the news has again picked up popularity as state government, municipal centres and central ministry are coming on a common ground as to make a Land Pooling Policy as the core of Delhi’s development. The media is covering every detail in this on-going process given the sheer importance of the pooling policy.
The realty market of Delhi-NCR region is going to be challenged big time as the prices of Rs. 3000-5200 on the houses in land pooling policy are the lowest as compared to regions of Gurgaon, Noida, Greater Noida and Faridabad. A simple mathematics can be done on the level of economic ease of these homes by understanding the fact that real estate market of Delhi-NCR is the biggest one in India and in this, Delhi has always witnessed price escalation in any type of home. In such environment where people think of settling to native towns after completing their jobs in Delhi, a BSP of Rs. 3000 is a game changer. Apart from that, it supports the fact that every person of India can easily make living in Delhi and can reside at a relaxed place.
The payment plans are attractive and flexible. Easy installments by 5% deposit under BSP and the rest under Construction Linked Plan (CLP) seems quite comfortable for the end users. The buyers and investors will get the assurance of high-tech infrastructure, comfort and security factor of Delhi. A total of 30-50 projects were recently launched under this policy by various builders which saw a further revision of prices up to Rs500 per square feet. This means a good, luxurious, spacious, comfortable home which could accommodate average Indian household is gettable at as affordable as Rs 30 lakhs. People who are aware of this policy have already booked flats and are suggesting their kin to do the same. Owning a home in Delhi was always a dream. But, with the combined efforts of builders and government which helped to bridge the giant gap between supply and demand of houses has made this distant dream a close reality.
According to the new land pooling policy, the Government and Delhi Development Authority will act as a service provider with limited interference to maintain the speed of ongoing work according to the development plan. As the service provider, the Delhi Development Authority is required to undertake the following responsibilities:
Declaration of the areas provisioned to be developed under land pooling The Government or DDA is responsible for creating and implementing guidelines for Land Pooling Policy to
Ensures that both the Delhi Development Authority and the Developer Entity shall work at a fast pace for construction of roads and other facilities required for building smarter infrastructure.