By Accommodation Times News Services
The property prices in National Capital Region (NCR) is likely to witness a steep fall, due to the Delhi Development Authority’s new land pooling policy, as this policy will bring over 70, 000 acre of land in the Delhi market, this was mentioned in a report submitted by property consultant CBRE on 6th February.
“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 rationalise with fresh supply coming into the Delhi market,” CBRE South Asia Chairman and Managing Director Anshuman Magazine said in a statement.
Recently, DDA approved land pooling policy due to which, private developers may directly acquire land from farmers/landowners willing to participate in the land pooling scheme (LPS), where they will get back 40-60 per cent of the developed land, instead of any compensation. The authority would develop the necessary support infrastructure and mass/EWS housing projects on the land, while developers will receive a large portion of the same for further real estate development.
The consultant highlighted that DDA has identified about 200 villages along the outskirts of Delhi for this scheme. It intends to convert around 90 villages into ‘development areas’ and about another 90 into ‘urban villages’.
These locations are land parcel along the NH-1, North Delhi (Akbarpur, Mazra), North-West Delhi (Rohini, Narela), West Delhi (Najafgarh, Dwarka) and areas of South Delhi (Masoodpur, Kishangarh, Chhatarpur etc.)
Land acquisition is a contentious subject in India, Magazine said, adding that land pooling schemes will help solve issues related to the availability of land for necessary real estate development and infrastructure formation for the country’s ever-increasing urban population.