With land banks shrinking in Delhi and the gap between demand and supply widening each day, experts say implementation of the ‘Land Pooling Policy’ is the way out. Let’s know its advantages and how it can help in making the city ‘Smart’.
Advantages and impact on the Delhi market
Rohit Raj Modi, president, CREDAI NCR said, “Land pooling in Delhi will have a long term impact on growth which would be participatory and inclusive in nature as compared to the earlier model of development – by acquisition.”
“The policy has distinct advantages as far as Master Plan Delhi 2021 is concerned,” added Ramesh Menon, Director, Certes Realty Ltd. Some of these are:
- It would bring a surge in supply, in terms of land and finished products
- Land acquisition being a tedious process, this policy would ensure that small land owners aren’t marginalised and are given equal opportunity to participate, reducing the component of litigation on large scale land parcels being brought into the ambit of urbanisation.
- Developers with interest in all product categories and price tickets would have equal opportunity to participate and market forces would ensure prices remain attractive for buyers and supply isn’t constrained.
The DDA can focus on its core competence of being the administrator for development of the various zones, create infrastructure and regulate real estate development. The private sector can focus on its core competence of development, marketing & sales.
“The above would ensure a more holistic development of Delhi, rather than piece meal integration of infrastructure,” added Menon.
Where is this development likely to take place? “This development will take place on the outskirts of Delhi at Najafgarh, Kanjhawala, Narela and Bawana to name a few, as these are some of the untapped locations having potential. This would also result in infrastructure development taking place for the upcoming projects, resulting in rationalisation of property prices in the entire NCR when supply eases due to projects which would mostly be in the affordable and mid-segment,” said Modi.
Can this make Delhi a ‘Smart City’?
The projected demand escalation in Delhi is about 1.6 million dwelling units (DU), with addition of 10 million people. The census 2011 reports a population of approximately 17 million people in Delhi and an accumulated shortfall of approximately 4 lakh DU. The supply of more than 65,000 Ha would ensure sufficient supply for about a million DU in Delhi and the balance supply will originate from re-development of the existing urbanised area.
“Delhi is an ideal case for Smart Cities and two zones, Zone N & L, have the requisite physical and economic characteristics to evolve as ‘self sufficient smart cities”, said Menon.
“Smart Cities need smart infrastructure and smart people to manage the economic and socio business environment. Delhi has the right human resources to contribute to the softer aspects of urbanisation and more specifically, smart urbanisation,” added Menon.
With the implementation of Land Pooling Policy in Delhi, it would be a trigger for development of the NCR, including expansion as per the National Capital Region Planning Board (NCRPB) plans unveiled in 2014.
“Also, Delhi would expand its economic and industrial activities through creation of knowledge based industrial parks (KBI) while the surrounding states would attract investments into hard industries,” further added Menon.
The Land Pooling Policy, once implemented, is expected to prove to be a win-win deal for all concerned parties that include landowners, development authority and developers. Not only this, it will also help in pushing the Prime Minister’s vision of providing ‘Housing for All’!
Source: Times of India
Dated: 19th December 2014