LLP Aims At Delhi’s Real Estate Development by 2021
On 5th September 2013, the Ministry Of Urban Development approved the Land Pooling policy, vide S.O.No 2687 (E). This policy strictly aims at preventing the sale of land without the consent of the owner. It also assures certain fundamental changes in the process of acquisition as well as the development of real estate sector in capital city, Delhi. Talking of the first master plan, it was formulated in 1961 which stated that the DDA is to acquire large areas from the owners directly at a rate that is determined by the DDA. It is then that DDA would be undertaking the task of master planning followed by the sell or development of the land in pieces. Upon the land valuation being nominal, the process was considered acceptable.
What benefits LLP is giving to the land owners?
Under the land pooling policy, land owners are eligible to surrender their property i.e. land into central pooling for the readers benefits and can become a stakeholder to the proposed development of their land. Upon pooling of the land, the owner will be getting back around 40 to 60% of the portion that is surrendered in terms of developable land. The rest of the portion that DDA would be retaining will be utilized for infrastructural development along with monetization of it against certain purposes. The two prime land pooling types are as follow:
- Above 20 hectares of land- Here the owner will get back around 60%.
- From 2 to 20 hectares of land- Here around 48% will be given back to the owner.
Mission of MPD2021
The MPD 2021 – Delhi Mater plan is looked upon as the largest real estate growth in Indian that is designed for accommodating around 10 million people with the creation of 1.6 million units. It will be enjoying proximity to the proposed diplomatic enclave 2 in the Dwarka region as well as some upcoming expressway projects which in all will ease commutation.