8-10 times the price of land to farmers, 17 lakh modern flats to the public, earning opportunities to the builders and the treasury sitting to the government … Faced with similar expectations, the Land Development Policy of Delhi Development Authority (DDA) is again in the limelight after almost 7 years of fluctuations. For farmers wishing to give land in the land-pool, the online window closed last week has started its clear picture, while the activity of the stake holders has also increased. Where did the policy reach?
Since the launch of the Land Pooling Portal in February, landowners have so far registered 6407 hectares of land in five zones. DDA Vice Chairman Tarun Kapoor told that Revenue Department of Delhi Government has been asked to verify the ownership of these lands. After this the development work will start. For this it is also necessary that at least 70% of the land parcels in each zone are linked together.
The Land Sharing Formula
DDA will integrate land into 95 zones by taking land from 95 urban villages. Then a portion of the developed land including road, electricity, water, sewerage, residential and commercial marking will be returned to the owners. Those giving more than 20 hectares of land will get 60% and those developing 2-20 hectares will get 48% of developed land. The remaining 40-52% of the land will be the property of DDA and in the same part will be physical infrastructure and public facilities.
What is the benefit for farmers?
The farmer or his consortium will be free to sell 60% of the developed land from the DDA or build it with a builder. Experts say that even if farmers sell developed land, they can get 8-10 times more price than the existing undeveloped land. They can earn more from a stake in residential or commercial construction.
Where will 17 lakh houses be built?
The expected land parcel and FAR estimate that about 17 lakh residential flats will come out of the entire land-pool, in which 76 lakh people will be able to live. Of these, 5 lakh units will be for EWS. Most of the flats will be built in the landowners, although all the construction will be done through DDA maps, Norms of Master Plan 2041 and fixed developers. The DDA can also build some houses on its part. Due to Affordable Housing Government’s commitment to
property prices
, it is believed that the builders will get the developed land at less than the current prices of Delhi-NCR, on the other hand, the bumper supply of 17 lakh flats in prime markets like Noida, Gurgaon. There will be pressure on it. Screws may get trapped
The DDA will also charge an external development charge (EDC) from the landowners in lieu of infra development. In 2013, its rate was fixed at Rs 2 crore per acre, but after opposition from farmers, it was removed and the new policy said that it would be fixed at the actual cost. But there is speculation that the actual rate may be higher than before. There is also a concern that the registered lands are far below the initial estimate. The participation and conditions of the developers are also being speculated.
