Indian people have witnessed much relevance after the Independence, and also many changes have brought significant in the landscape of India. But the foremost fact is that till date beautification of the country, India through housing developments has not been witnessed. The wait is over. The Delhi Development Authority on 7th November 2014 brought a significant change in the landscape of Delhi by introducing the Land Pooling Policy with proper guidance by the Ministry of Urban Development. The Central Government has approved this policy without any doubt. In this plan, the main thing to be focused is that Delhi will be modified into a smart city which provides people to live and work at affordable costs.
The main thing that has been developed in the Land Pooling Policy is that the price of the real estate market is going to be down so that people can have their own home at the affordable price. The price after comparing the regions of Gurgaon, Noida, Greater Noida and Faridabad has been downed so that the lands can be utilized in making the city a smarter one. These whole economics are brought into light by the Central ministry and State Government.
Another most important thing that has also been focused on this policy is the secure payment of the bank loans. At present already 30-50 projects have been announced and the construction work is in full swing. An ordinary people will have to pay only 5% deposit under BSP and the rest interest under the Construction Linked Plan (CLP) which help the buyers in getting rid of the monetary problems. The projects that have been announced under the Land Pooling Policy have square feet of Rs.500. If calculated then the everyday people will get their desired within the sum of Rs.30 Lakhs.
PLANS & PROCEDURES OF NEW LAND POOLING POLICY
The new land Pooling Policy plan has been developed in such a way that the Government and the Delhi Development Authority will act as a service provider. They will only get limited interference to look at the work that has been taken by the real estate developers of Delhi. The most important thing that the Delhi Development Authority and the State Government must look at is that is the speed of the construction work that has started and also to see whether they are following the rules or not. Responsibilities to look:
At the very first the Government and the Delhi Development Authority have to look for the areas that come under the land Pooling Policy. According to that, the authorities will provide a declaration to the real estate developers. The authorities will also have to look at the facts that:
Whether the whole construction is done within the time period or not. This time period is very essential as they have promised the people to deliver the apartments. The authorities will also look for the uploading of the facts in the public through the use of the web and even invite the stakeholders for their suggestions. This whole thing has to be within a period of one month or 30 days.As Delhi is going to be a smart city, therefore, all the works that have been taken by the real estate developers must be separated according to the land that has been provided according to the rules and regulations of the Land Pooling Policy. The Delhi Government along with the Central government and the Delhi Development Authority has to create a single window through which all the real estate developers will provide the time to the common man regarding the finishing of the work.The authorities will also look for the plan that has been submitted by the real estate developers. This whole project will be scrutinized according to the infrastructure of the land so that everything can be done in a smooth way and no people have to get flummox during the booking of the flats and the apartments.Under the new Land Pooling Policy, the Delhi Development Authority has formulated new rules. This new rules and regulations have been introduced so that the weaker sections of the society mainly the Low Income Group of People (LIG) can have the housing projects that have been developed under this project.The whole project that has been taken for construction must have the Floor Area Ratio (FAR) as per the norms of the Land Pooling Policy. This is must as the whole thing has to be chalked out within the Floor Area Ratio so that everyone can get the spacious rooms.
RULES AND PROCEDURES OF REAL ESTATE DEVELOPERS
According to the new regulations of the Land Pooling Policy, the real estate developer has to provide the blueprint and the developed housing project within the given time that has been proposed. An agency of the Land Pooling Policy will join the land with the Delhi Development Authority. The land that has been taken will be measured, and only a portion will be accepted. The rest will be provided to the landowner. According to the new rules and regulations that have been formulated by the Master Plan Delhi 2021 the Delhi Development Authority and the Real estate developer will also help in the construction of the roads. The housing projects that are going to take place must be developed in such an area where people can get easy transport.
ROLE TO BE PLAYED BY THE DELHI DEVELOPMENT AUTHORITY
The Delhi Development Authority is going to play a significant role. But the authority has to take some of the responsibilities. These are:
The administration has to look for the construction of the roads according to the plan by the real estate developersConstruction plans must be signed before the approval of the financesThe developers must provide all the essential facilities and amenities to the flat holdersThe construction work must be completed within the given time according to the blueprint that is submitted by the constructor.