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.