Market cautious but optimistic

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NEW DELHI: Land pooling policy once implemented is expected to strongly impact the real estate market. With the policy already in practice in Maharashtra and Tamil Nadu, experts—from academicians to real estate consultants—praise it on paper but are cautious in absence of any independent study.

“There have been too many issues with acquisition of land in NCR. As a policy it makes a lot of sense. It makes the land owner part of the development, frees up a lot of private land with great real estate potential and improves the area, bringing in development and connectivity,” said Rohan Sharma, senior manager, Research and REIS, Jones Lang LaSalle India.

He said that a positive outcome of the land pooling is the ‘softening’ effect it will have on the real estate market in NCR. “For example, real estate development in Mehrauli will bring down prices in Vasant Kunj. But it all depends on how soon it materializes.”

However, Mandeep Singh, head of urban design department at School of Planning and Architecture, says that unless a concept designing of the areas marked for land pooling is done, the euphoria is set to fade soon. Considering that the price of real estate around Delhi has risen sharply, most real estate consultants have high hopes in this scheme. “It will be absolutely great news. But one will expect more transparency and clarity from DDA,” Sanjay Dutt, executive managing director, Cushman and Wakefield, said. Despite the optimism, DDA insiders say the programme may still take one-and-a-half years or more to take off and benefits will be visible over next 7-10 years.


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