Delhi Ready to Get Smart City, Land Pooling Policy to Boost Delhi Real Estate, Delhi to be Smart City, Delhi L Zone-Smart City of Delhi and many such titles has been a part of news headlines in Delhi Real Estate Market. However one thing that has been common in all these news headlines is – All of it is based on ‘Land Pooling Policy’ of DDA. Following are the questions consistently being asked by people who want to buy property in Delhi or DDA L Zone :
What is Land Pooling Policy ?
What is its impact on property buying and selling?
Buyer must invest in pooled land or property ?
The current status of Land Pooling Policy is ?
… and many more. In this series, we will be answering all these questions.
What is Land Pooling Policy?
Land Pooling is a concept that where small chunks of land are owned by individual or group of owners who assemble/s for the development of infrastructure as per the provisions of the Delhi Development Act 1957.
After the development of the land, the Land Pooling agency redistributes the land after deducting some portion as compensation towards infrastructure costs.
How DDA Land Pooling Policy Works ?
Under the land pooling policy, interested land owners can surrender their land and give it to the DDA along with a development charge. The DDA, in turn, will give the land to real estate developers. “Land owners offering between 2 and 20 hectare of land for development will receive at least 40 per cent of their land back, and those who are giving away 20 hectare of his/her land would get 60 per cent of their pooled land back once the development is completed. The remaining land would become DDA’s property and will come under the Master Plan 2021”, says Mr. Balvinder Kumar, vice chairman, Delhi Development Authority (DDA).
What is the purpose of Land Pooling ?
Purpose of Land pooling is to develop and bring out the potential of housing and infrastructure to reduce the load on the existing congested and saturated areas, like core parts of Delhi. Once implemented in Delhi, the project can also be carried forward to the National Capital Region (NCR).
How much time will it take to develop housing and commercial projects ?
The housing and commercial projects will have to be developed within seven years. Additional time will be given only on payment of a penalty.
How will the Sub-Cities be created?
The plots surrendered will be clubbed for holistic development, leading to the creation of several sub-cities. Land owners can also assemble lands through mutual agreement and give it as one large plot to the DDA. The DDA in its zonal plans has ear-marked specific usages of land in these areas with developers building the sub-cities according to a prescribed blueprint. There are nine land use categories that include residential, commercial, industry, transportation, utility, public and semi-public facility, recreational, among others.
Data & Image Source : The Hindu & Web