Delhi To Witness The Growth Of Its Real Estate Sector Under MPD2021
The private sector in the 1960s wasn’t really strong in economic terms for taking up the responsibility of housing and urbanisation. Hence it is the government that took up the charges of the same but again in the 1980s, the former i.e., private sector came back in power to take up their role in this process. In the past few years, the private sector has worked to a large extent for satisfying the demands of the potential buyers and hence today they hold a major share in the real estate market. The increase in demand eventually instigated the increase in land valuation. The government enjoyed resting upon the provisions that are set forth by the land acquisition bill of 1894 which seemed unfair for the land owners. With the changes that took place in states like AP, west Bengal, Haryana and Noida, it became clear that no longer the forceful acquisition of land can be rated legal.
Land Pooling policy and its mission at a glimpse
This led to the creation of the Land Pooling Policy on the 5th of September, 2013 by the Ministry of Urban Development, vide S.O.No 2687 E. The aim of this policy is to prevent the acquisition or sell off the land without the consent of the owner. It also assures the much needed fundamental changes in the land acquisition process along with the development of Delhi’s real estate sector. The residential land that is at present is being used for agriculture will be converted again to residential usage under MPD2021. This will give the buyers respite from undergoing the hassle of attaining CLU (change of the land use) for accommodation. Hence the citizens are going to enjoy the ease of access to various parts of the city being in close proximity to the upcoming diplomatic enclave 2 in Dwarka as well as to some highway and roadway projects.