STOCK MARKET BSE NSE

Delhi Development Authority proposes changes in plan to boost real estate sector

The official said that flexibility in use of land with higher FAR is to incentivise in-situ rehabilitation projects planned by the DDA.

Published: 15th July 2020 09:11 AM  |   Last Updated: 15th July 2020 09:11 AM   |  A+A-

Real estate

For representational purposes (File Photo | EPS)

By Express News Service

NEW DELHI:  With the coronavirus pandemic impacting real estate sector, the Delhi Development Authority (DDA) on Tuesday approved two significant modifications in Master Plan of Delhi (MPD) 2021 to help stakeholders for strong business proposition.

During DDA’s board meeting chaired by Lt Governor Anil Baijal, nods were given to increase maximum ground coverage warehouses in integrated freight complex (IFC) and wholesale markets from 30 per cent to 40 per cent and Floor Area Ratio (FAR) from 80 per cent to 100 per cent. 

“In view of changing shopping habit and introduction of numerous online shopping sites, the demand for ‘warehouse to home’ model of business has increased the need for warehouses for various commodities. Therefore, the authority approved a proposal to incorporate changes to the MPD,” said an DDA official. 
The L-G is ex-officio chairman of the DDA. The additional FAR charge shall be payable as decided by government.

In other significant development, the authority had cleared a proposal to allow maximum 300 FAR on the remunerative component of the land (part of the land to be used for commercial purposes) irrespective of the land-use. The official said that flexibility in use of land with higher FAR is to incentivise in-situ rehabilitation projects planned by the DDA.

“As the real estate sector has been undergoing a tough face because of the pandemic, we need to encourage developers or private entity to come forward. The authority has approved 400 FAR on the residential component of the land and 300 FAR on the remunerative component irrespective of the land use. Any use/mix of uses shall be permitted as proposed by the developer entity within the overall FAR of 300 in the remunerative component as per MPD provisions,” added the DDA official. 

The public notices for inviting objections and suggestions for changes in MPD will be issued before finalising the proposal. As per the policy, residential component of the land area for rehabilitation of squatters is 60 per cent and maximum are for remunerative use is 40 per cent. 

The DDA has approved 30 in-setu rehabilitation projects and Detail Project Report (DPR) for 16 of them had already been prepared. The two such project –Kalkaji and Kathputli Colony—are already underway. 
The DDA, in view of ongoing pandemic, had also extended deadline for payment for additional FAR charges and use conversion charges for residential properties in cooperative group housing properties, on mixed use or commercial streets and commercial properties (excluding hotel and parking plots) till December.

In-setu projects approved
The DDA has approved 30 in-setu rehabilitation projects and DPR for 16 of them had already been prepared. Two such projects —Kalkaji and Kathputli Colony — are already underway.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp