Tuesday, 4 November 2014

Proposed 20 lakh homes by DDA will ease demand in Delhi

The Delhi Development Authority (DDA) has un-leased a housing bonanza in the capital giving a ray of hope to the LIG/MIG segments by contemplating the development of 20 lakh residential units equipped with the latest infrastructural facilities on the outskirts of the Capital on about 24,000 hectares of land. According to the Master Plan of Delhi (MPD) 2021, the Capital has about 27,000 hectares which can be developed as sub-cities. The master plan estimates a requirement of nearly 24 lakh residential units for an estimated 23 million people by 2021.
DDA’s step to develop residential units on the outskirts of the Capital will give a much needed boost to the realty sector in Delhi, which has been devoid of supply especially in the affordable to middle income segment. With ever increasing population in Delhi due to job opportunities available here, the demand for world-class infrastructure and housing has been on the rise and a sharper rise in prices, too, have been witnessed. This step by DDA will help in easing out the ever increasing demand of homes and provide enough opportunity for developers to operate in the Capital.
A lot of the success of DDA’s initiative will be dependent on how effectively the housing authority and the Ministry of Urban Development plan and manage the ambitious land pooling policy by creating housing pockets in the city. It will also enable private players to assist in creating housing pockets in the capital.The DDA must have learnt its lessons from the acquisition policy adopted in the Delhi Master Plan 1961 which has failed to keep pace with the rapid pace of urbanization witnessed in Delhi. The land pooling policy proposed in the new master plan, if implemented effectively with the help of professional consultants will play a key role in filling the huge gap of residential requirements. Reports suggest that for each 1,000 Ha of the pooled land, the government will be able to provide around 50,000 dwelling units for the EWS sections which will go a long way towards fulfilling the housing needs in our country. It will also give an impetus to realty development in the Capital like Noida, Gurgaon etc in the NCR.

- Mr Mohit Goel, CEO Omaxe

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