Owning a House in Delhi Become More Economical with New Policy

NEW DELHI: Buying your own house has been a dream across ages and economic section. However, considering the fact that real estate prices have constantly been rising in the past few decades and are bound to increase further, many people had lost hope of ever being able to afford one for themselves. 7 September changed that for many people. This day saw the approval of the much-awaited Land Pooling policy by Delhi Development Authority (DDA), at a meeting chaired by the Lieutenant Governor. Pending approval from the Ministry of Housing and Urban Affairs, land parcels owned by individuals, any builder or a group of owners will be pooled by DDA and returned to owners post development.

The key benefit for the public is that the existing system of land acquisition will be replaced by the land pooling policy. Earlier a fixed compensation was given to people whose land was acquired by the government. The ownership of the land took place in such a scenario and more often than not, complaints of unfair compensation & forced land acquisition surfaced, making the system extremely unpopular. With the implementation of the land pooling policy, things will change, hopefully for the better.

When the land pooling policy will be enforced (post pending approval from union ministry), huge parcels of land will be unlocked for development and affordable housing! The policy which will be applicable to the urban extensions of Delhi is expected to change the way lands have been developed on the outskirts. The main idea behind land pooling is an aggregation of small pieces of land into large pockets which will be taken up for development of infrastructure like roads, sewage system, water supply, drainage etc. Provisions will be made for the inclusion of larger infrastructure such as roads, metros etc. before returning it to owners or developers. To recover this cost of infrastructure development, some parts of this land parcel will be sold by the government.

Landowners offering 2-20 hectares of land will get 48% land back, while those offering more than that will get 60%. What’s important is that FAR, the ratio which determines the size of the land and the area on which construction can take place is reduced from 400 to 200. The policy will be able to unlock 20000-25000 hectares of land which will become available to the public, thereby providing affordable accommodation for all.

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