Delhi
Development Authority (DDA) has approved the land pooling policy,
which risen the land prices on
the outskirts of Delhi significantly but assures fundamental changes
in the way of acquisition and development of land in Delhi. The
policy is approved to address the housing problems. The prices may
rise further, once the finer details of the policy are out and it
will pave way for easier acquisition of land for housing project.
Land
prices in Gurgaon and Noida
could fall as over 70,000
acres of land is likely to come in the Delhi market because of DDA's
new land pooling policy, property consultant CBRE said today. As CBRE
said, "All such identified village areas are together likely to
free up more than 70,000 acres of developable land in the NCR."
CBRE
South Asia Chairman and Managing Director Anshuman Magazine said,
"The land pooling policy will prove to be positive for the
National Capital Region (NCR) in the long-term, since land prices in
the suburban markets of Gurgaon and Noida would eventually
rationalize with fresh supply coming into the Delhi market."
According
to the Delhi Development Authority (DDA), private developers can
acquire land from landowners or farmers to participate in the land
pooling scheme (LPS), where the owners will get back 40-60 per cent
of the developed land without any compensation.
The DDA is all set to develop 200 villages along the outskirts of
Delhi under its pooling policy and intends to convert 90 villages
into development areas and and other 90 villages into urban
villages.
The
policy will support the real estate development and infrastructure
formation for the country as the urban population is continuously
increasing to solve issues related to the availability of land.
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