DELHI: DDA's new land pooling policy can go a long way in ensuring that real estate development is integrated with economic activity for sustained growth, Urban Development Secretary Sudhir Krishna said today.
"Land pooling policy has ushered in a new development paradigm whereby land owners will get back their land dues with development around and people will benefit from the development plan. Besides infrastructure development will also takes place as part of the policy," Krishna said at the National Real Estate Summit organised by the PHDCCI here.
The land pooling policy, which has been passed by the DDA, allows land-owners to pool their land for development by the city's land owning agency.
But now instead of compensation, they would get back 40-60 per cent of land after development of infrastructure by DDA, which they can keep for themselves or give to private developers.
Describing the new policy as a "win-all" situation, Krishna said, "real estate development must be integrated with economic activity to sustain the growth."
Faced with procedural difficulties, the real estate sector is seeking government's attention to address the issues.
Admitting challenges in sustaining growth in the sector, Krishna said "there is a need for balanced approach and the Real Estate Bill 2013 aims towards transparency in contractual obligations to ensure consumer protection."
The Bill is slated to be introduced in the coming Monsoon session. He said "unified building bylaws are under revision as part of the Delhi Master Plan 2021."
He said streamlining of property records is being done" under JNNURM, adding Uttar Pradesh has done it under the scheme and other states should also do it.
However, Urban Development Secretary said there are many areas which require equal attention for sustained development in urban areas which include recycling of waste materials and water, solid waste management, rain water harvesting, emission reduction, soil conservation.