There have been many transitions in the Indian subcontinent after its Independence. There have been many significant innovations that have rocked the Indian land. But necessary change among them is the change in the beauty of the country. Numerous developmental projects on housing have achieved such beautification. And now you do not need to wait for it. The critical change was brought in the year 2014 of 7th November by the Delhi Development Authority in the city of Delhi. It introduced Policy of Land Pooling under the capable supervision of Ministry of Urban Development. The Central Government has duly approved this policy. The principal thing that needs to be focused on this plan is that Delhi will be transformed into the smart city. It will be the hub providing its population with accommodation and occupation in affordable price.
People can now buy their own accommodation at low cost; all thanks to the Land Pooling Policy that have been decreasing the price of real estate drastically. The comparison of the amount has been made in Greater Noida, Gurgaon, Faridabad and Noida and the costs have been decreased for the lands. They will be used for constructing the quick version of the city. With the joint effort by the State and Central Government, such economic regulation was made possible.
The security in the transaction and the provision of loans from the banks has also been focused on this policy. If you look at the current scenario, then you will observe that thirty to fifty projects under this policy have already been announced and their construction works are seeing the speedy execution. Under BSP, a buyer with the standard economic background has to pay 5 percent of the total deposit. The rest of the interest is to be paid under CLP or Construction Linked Plan. It will assist the consumers by getting away from the budget hunches. The price of the projects constructed under the Land Pooling Policy has priced Rs. 500 per square feet. Accordingly, a decent accommodation for an average household will amount to 30 lakhs.
The service providers of the latest Policy for Land Pooling have been allocated jointly to the Delhi Development Authority and the Government both. They would get almost no interference to supervise the construction of the real estate developmental work in Delhi by the developers. The Government and Delhi Development Authority must look after the speediness of the work of the building that has already begun. They will supervise regarding the fact that if rules about the policy are adequately maintained.
Firstly, both the Delhi Development Authority and the Government must pick out the areas that are under the jurisdiction of Land Pooling Policy. Following such arrangement, a declaration will be provided to the developers of real estate by the authorities. The supervision will also check that if the total construction is completed within the stipulated time limit or not. Such time frame is utterly crucial as it has been promised to give away all the apartments within that particular time itself. Authorities will also regularly upload every information to the dedicated online portal for the accessibility of the public. They will facilitate all the stakeholders to know about their suggestions. Within a time frame of thirty days or one month, these targets must be achieved. Because Delhi is being deemed as the future smart city, that is where all the projects undertaken by developers of real estate must be segmented by the lands that have been provisioned under the Policy of Land Pooling. All the three bodies of Central Government, Delhi Development Authority and Delhi Government need to create a uni-viable channel. By this channel, all the developers of the real estate will be able to distribute enough time to all the prospective buyers until the construction work gets completed. The real estate developers must submit the plans of the building which the authorities must scrutinize thoroughly. The scrutiny must be done from the land and its infrastructure. It must be executed very smoothly so that buyers would not have any hassle at the time of flat booking and the buying of apartments. The Latest Policy of Land Pooling economically weaker section of population primarily Low Income Group or LIG can buy their very own housing accommodation that is constructed in the smart city. The whole construction in all over the area must adhere by the Floor Area Ratio, or FAR that is regulated by the rules mentioned in the Land Pooling Policy. The full accommodation must be covered duly under FAR or Floor Area Ratio which will ensure that enough spaciousness is allocated to each unit.
The latest regulation of the Land Pooling Policy states that developers of the real estate must make provision of the blueprint and the housing project must be developed within the stipulated time of the whole proposal. Delhi Development Authority will partner up with land about Land Pooling Policy. The taken land is to be measured thoroughly, and among the entire area, a selected portion will be taken into account. The landowner will provide the remaining. The Master Plan 2022 formulated the latest regulations and rules that state that real estate developer s and the Delhi Development Authority must also team for constructing roadways. For the easy viability of transportation, the housing projects must be built in those areas possessing the same.
Delhi Development Authority is playing an important role. Authority too, however, has taken up some share of responsibilities. The administration must keep a close watch on the construction of the road and see if the plans of the developer of real estate adhere correctly. Plans for development must be attested before the finance approval. The developers must provide the essential amenities and facilities to all the buyers. The stipulated time must be maintained for the completion of the total construction work by the submitted blueprint.