After the independence, India has undergone the significant transformation. The whole landscape of India went through drastic changes in every field. Among all the conversion, embellishment of the housing and real estate department is cored to be one of the most positive ones to impact lives. Your wait ends now! In the year 2014 on 7th November, a drastic change was introduced by Delhi Development Authority with the Land Pooling Policy under the supervision of Ministry of Urban Development. The Union Government approved this policy. The primary focus of this plan is to transform Delhi into the smart city and a hub of employment and quality living for its population.
Implementation of this policy will also ensure a decrease in the price of real estate enabling the buyer to have affordable housing. The regions like Noida, Gurgaon, Faridabad and Greater Noida are taken into account by the amount to bring those lands under the fold of smart city. Both the State and Union Government set such economic regulation.
The hassle-free disbursement of bank loans is another feature of the project. Declaration of 30 to 50 projects has prompted the full focus on their construction work. Only 5 percent deposit is to be paid by all the regular buyer under BSP and remaining interest is to be paid under CLP or Construction Linked Plan. It will assist the customers with budget crunches. The price of all the projects of Land Pooling Policy is Rs. 500 per sq.ft. It amounts to Rs 30 lakhs per flat.
The development of latest Land Pooling Policy ensures that service providers will be the Delhi Development Authority and the Government. There will be almost no limitations regarding their interferences in the real estate developers' construction work in Delhi. The State Government and Delhi Development Authority are responsible for supervising the construction works and ensuring its speediness and adherence to rules. They must take into account all the areas that are enlisted under the Policy of Land Pooling.
A declaration is to be provided to the real estate developers by the authority. The authorities will also ensure that if all the developmental works are completed within the stipulated time span. The facts and the information will also be uploaded by the administration on their website for the public to read and to invite all the stakeholders for recommendations. Within 30 days or one month, these all need to be done. All the works must adhere to the regulations and rules of Land Pooling Policy. Lands must be dissected following the actions were undertaken by the real estate developers. All these are required as Delhi is going to be a smart city.
A single window must be created by the team effort of Delhi Development Authority, State and Central Government to give away time to all the prospective buyers before the completion of the work. The real estate developers must also submit plans for authorities to look for. The infrastructure of the land is to be taken into account while scrutinizing the work. A smooth way must be adopted to prevent all the hassles regarding the booking of flats. Delhi Development Authority formulates new Rules under latest Land Pooling Policy. Weaker section of people categorized under LIG or Low Income Group is to be benefited by the latest Regulations and Rules as they too can buy all the houses under the project. Aspects such as FAR Floor Area Ratio must be followed very strictly according to the rules of the Policy of Land Pooling. Within FAR the whole construction must be chalked out ensuring spacious architecture.
Developers of real estate must provide the blueprint and the development of the construction project within the stipulated period has been proposed in the latest regulations for the Policy of Land Pooling. Delhi Development Authority must make a partnership with the agency created for Policy of Land Pooling. The taken up land will be thoroughly measured. The only part of it will be approved. The landowner will provide for the rest of them. The latest regulation and rules that are coming under the jurisdiction of Master Plan 2022 also states that Real Estate Developers and Delhi Development Authority must partner up to facilitate road constructions. Easy transport and the holistic development of the population must be taken into account with the creation of the road.
A significant part is to be enacted by the Delhi Development Authority. They will also be responsible for some significant responsibilities. The construction of the roadways must be supervised by the authorities accordingly the latest policy. Approval of finances should be done only after signing up of Construction Plans. All the essential amenities and facilities must be provisioned to all the buyers by the developers. Within the stipulated period, the construction work must be finished following the blueprint that the constructor has submitted.