Developers hail Centre’s go-ahead to land pooling

The prospects of a housing boom in the national Capital post-the Union Urban Affairs Ministry decision to notify land pooling policy of the DDA have spread cheer among the real estate industry. Major players across the board contacted by Realty & More have given their thumbs up to the much-awaited move by the Centre.

RK Arora, Chairman of Supertech Ltd, said, “The policy will help make available more land for housing, thereby bringing down the exorbitantly higher land price prevailing in Delhi. It will also provide land for affordable and low-budget housing, giving relief to the acute housing shortage in Delhi.” However, he said, “Since most of the land coming under this policy is in remote areas where infrastructure development will take time, the results of the policy cannot be expected in short term.”

According to Gaurav Gupta, spokesperson of Credai Raj Nagar Extension, “The step by DDA is a welcome step as it will bring in more homes in Delhi and will further the development required in the Capital.” Gupta added, “If done as planned, it will open up an option for the developers eagerly waiting to dole out houses in Delhi and buyers will also lap up the opportunity as they will get the desired house in one of the most preferred cities.”

In Prateek Group Chairman Prashant Tiwari’s view, the“option of having a house within the city is now open to buyers.”. Tiwari told Realty & More, “As developers, we would be eagerly waiting for the policy to take shape and turn out the way it is planned. The effects on the real estate market of Delhi will be very clearly visible once this activity starts“.

Sanjay Rastogi, Director, Saviour Builder, said,“We welcome the much-awaited step by DDA as it will rewrite the real estate scenario in Delhi. Let us wait for the timely implementation of the policy to get the desired results. In Rastogi’s view, a gush of fresh supply is expected to hit the property market of Delhi in coming years. He added, “With more supply coming in, property prices will definitely come down in the national Capital.”