Poll Vault: Realtors start making plans for Delhi

The election results in Delhi might have a positive impact on the capital’s real estate, with developers eyeing land acquisitions in anticipation of quick approval of the Delhi Master Plan 2041.

Experts said that Delhi could become a hub for the knowledge-based industry and surpass places like Bengaluru and Gurgaon if the Master Plan is implemented in a structured manner.

“With the new government in Delhi, we now expect the fast-tracking of the Delhi Master Plan 2041. There is renewed optimism among all stakeholders, including landowners, developers, and investors. We expect the gazette notification of MPD-2041 and its regulations, facilitating large-scale land development under the Land Pooling and GDA policies,” said Ramesh Menon, Founder Director, Delhi Consortiums.

According to industry insiders, developers have already started conducting due diligence on land, expecting a price hike once the policy is formulated.

“To tackle the pressing problems of unauthorised settlements, transport infrastructure, and the environment, it is important that all concerned departments are guided by the vision and timelines under MPD-2041. The government can become the catalyst for multi-billion-dollar investments in Delhi,” Menon said.

Departments of the Delhi government, such as DSIIDC, DUSIB, and Revenue, would also synergise better to deliver outcomes aligned with the nation’s vision of becoming the world’s third-largest economy.More than 2,000 acres of greenfield knowledge-based industrial parks can be created in Delhi to promote non-polluting industries and generate formal and informal employment for over a million people.MPD-2041 is set to unlock over 57,000 hectares of land for planned urban expansion, facilitating the construction of 1.7 million new homes to address Delhi’s housing deficit.

The plan also focuses on the regeneration of 1,700 unauthorised colonies and settlements, many of which are over five decades old.

Completion of MPD-2041 will not only boost sentiment in real estate but also generate employment and enhance overall economic development in the National Capital Region.

The unlocking of land could present a ₹50,000 crore opportunity for various industries, with more than five lakh people finding employment across healthcare, biotech, pharma, and IT over the next two decades.

The National Capital Region (NCR), which includes districts from Haryana, Rajasthan, and Uttar Pradesh, spans 55,083 square kilometers. Smaller areas like Noida and Faridabad are also announcing their Master Plans.

The approval of policies such as the Green Development Area (GDA) Policy, the Land Pooling Policy, and Urban Regeneration initiatives—particularly in areas bordering developed sectors like Gurugram, Dwarka, and the Central Business District (CBD)—is eagerly expected by institutional investors and global capital.

Approval of MPD-2041 could increase Delhi’s per capita income to ₹4 lakh, a 40-45% rise from the ₹2.72 lakh reported in the 2022-23 Economic Survey of Delhi.

It could unlock not only greenfield real estate opportunities across 165 Delhi villages but also brownfield redevelopment opportunities in existing industrial clusters, both authorised and unauthorised.

In response to a question in Parliament, the Ministry of Housing and Urban Affairs stated that the Delhi Development Authority (DDA) had prepared the draft Master Plan for Delhi (MPD-2041) under Section 11-A of the Delhi Development Act, 1957, as an extensive modification of MPD-2021. The draft MPD-2041 was approved by the DDA in its meeting on February 28, 2023.

The DDA then forwarded the proposal to the ministry on April 13, 2023, for approval by the Government of India and the issuance of the final notification of MPD-2041. The ministry has yet to take a decision.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}