New Delhi: In a move that could unlock 57,000 hectares of land for development in the city, the Delhi government would notify as “development areas” the 89 villages which it recently declared as urban area within a week. The move comes a day after lieutenant-governor Anil Baijal had declared 89 rural villages as urban areas, under the land-pooling policy.
Delhi’s urban development minister Satyendar Jain said there are two stage of implementing land-pooling policy — declaration of rural villages as “urbanised” and then as “development areas”. Once the villages, declared “urbanised” on May 16, are notified as “development areas”, the DDA and the Delhi government will be able to carry out infrastructure projects there. “The Delhi government will notify as development areas the 89 villages that were declared as urban areas two days ago,” he said.
The move will lead to the availability of large land parcels to meet the shortage of housing in Delhi as well as give the much needed boost to creation of public infrastructure. The policy will go a long way in bringing about price efficiency and speculative prices will correct by almost 20 to 25 percent. But all will depend on how and at what pace the supply of land is released by DDA.
Experts however said that the impact of the scheme on Delhi-NCR markets will not be immediate. Investors and homebuyers in NCR will start to feel the change once housing stock takes shape in Delhi which may take another three to five years from now, adding everything will depend on the speed at which the scheme is executed, land released and prices at which these projects are launched.
Under the LPP, government agencies will develop infrastructure like roads, schools, hospitals, community centres, stadia on part of the pooled land and return a portion of the plot to the farmer who can later on execute housing projects with the help of private builders.
Mr Jain said around 20-25 lakh housing units will come up in these urbanised villages in the next 5-10 years and this will ensure properties are available at affordable rates.
