DDALZoneProjects.com appreciates CM Kejriwal and Deputy CM Manish Shishodia for taking up land pooling policy question in the first #TalkToAK show. People of Delhi has been waiting for long over this policy, and assurance of fast implementation of this policy will bring happiness to lower and middle class people, desperately looking for affordable housing in Delhi. The only bottleneck is AAP Govt. demand of 10% share in pooled land from DDA’s portion. Though it started with 15% and has come down to 10%. We are keeping our finger crossed for this game changing landmark policy.
In this blog, we will discuss about the Consequences and Disadvantages of Delay in implementation of Land Pooling Policy and the impact on Aam Aadmi.
Urban Development Ministry had notified land pooling policy a year ago for Delhi. But it is still to be approved by the AAP government. During this time of period, many builders launched their housing projects in illegal way and close the earning of 1000 million while buyers are not aware from it. When, LPP will be approved the presumption that it will be reliable and honest developers here, who construct more than 20 million home for each class in which one-third of Economical Weaker Section . Although, prelaunch of housing projects in this area are illegal. Satish Kumar from FedHSDD claimed that 1,000 crore through private investors, has already been taxed in this area. He says that, people have to pay at least 12 Lakhs for the ground. Their federation has written several letters to Delhi government to allow land pooling policy.
What are the benefits of land pooling?
Land pooling will result in the creation of nearly half a million households. Delhi government will get 50,000 crore revenues. August 4, 2015 at the Land Pooling zone circle rate has been increased from Rs 2 crore per acre to 3.5 crore per acre.
What is the possibility?
In land pooling area, almost 25 million homes appear to be the potential and that too at affordable price starting from 35 lakhs. If the policy was not notified soon, prices are bound to soar. The land pooling policy files have been transferred to Delhi government for more than six months but no decision has been taken on the matter. This is the file which contains Delhi’s future development plan, with costs expected at more that Rs 1 lakh crores for housing for more than 20 lakh families is highly regularized modern group housing colonies. Questioning the “unwarranted delay” by the Delhi government, Delhi Smart Cities, says not employing the operationalisation mechanism of land pooling means a few “unscrupulous elements have got the chances to market apartments, which have no legal sanction whatsoever. The law which regulates rising of money from public entity, does not allow multi-state supportive housing societies and welfare societies to collect money from the community for the purpose of real estate activities.” Many professionals say that most real estate agencies haven’t undertaken any due assiduousness on these projects, and are myopically marketing these projects overseas, too, for selfish gains. These brokerage organizations have endangered the hard earned money of unwary consumers, who are most likely to lose not just the attention on their investment, but also the capital in many cases.
Many promoters are advertising facilities and design of apartment projects even though the mandatory provisions of the LPP are yet to be completed. Most experienced investors have stayed away so the buyers at the bottom of the pyramid are being targeted.