Private Builders to Develop Residential Townships in Delhi

January 25, 2007	(1 votes, average: 4 out of 5)  Loading ...
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The Group of Ministers cleared Delhi’s Draft Master Plan 2021 earlier this week and the good news for real estate developers is that they will be allowed to build residential apartments and townships on 27,000 hectares of land to be made available soon.

This is a landmark decision, considering the Delhi Development Authority has so far enjoyed the monopoly of acquiring land in the capital for development.

The land is located in the north-west and south west areas of Delhi, accounting for 18% of the city area. Dwarka, Najafgarh and Alipur, which fall in the earmarked zone, will now witness real estate developers pitching in with social infrastructure as well to support the residential apartments they build.

Property developers will be required to acquire at least 10 acres of land to build their townships. They will have to provide for adequate infrastructure like roads, shopping complexes, schools and hospitals, and 35 % of the apartments constructed, (or 15% of the floor area ratio) would have to be built for the lower income group.

The Ministry of Urban Development however, will decide on the profit margins for the builders – an autonomous regulator will be appointed for the purpose, as per the Real Estate Bill. This would pre-empt unrealistic prices being charged by builders.

According to the latest Master Plan, the city’s population is expected to reach 23 million by 2021. This would require an estimated 2.4 million additional housing units.

Where will these units come up? According to planners, 40 percent of them would come up in the already habited area and 60 percent in newly identified areas in north-west and south east Delhi. With the entry of private developers in the city, the skyline of Delhi is sure to change.

News Published Under:   Delhi |