It’s been around 5 years that the prime minister unveiled the ambitious project of developing smart cities in the country. This has led to a race of possessing a residential space in Delhi which is deemed to be the first smart city in the country and so the property investors are rushing in to raise their investment returns. As per the terms of the project, all Indian states shall have at least one smart city which would be equipped with all the basic living requirements to cater to the needs of an improved quality of living along with a sustainable environment with the effective utilization of various smart solutions.
With the concept of smart city, the face of real estate market at smart city Delhi is going to alter very swiftly as the area will be supplied with all basic living infrastructures ranging from competent urban mobility with rail and road transport, infallible water and power supply, proper sanitation with solid waste management, powerful IT connectivity, e-governance with active participation among citizen and maintenance of safety and security of all citizens of the city.
Delhi shall be the first smart city in the country and ready to decongest the area to facilitate all the modern infrastructure. To accommodate this, Delhi Development Authority shall introduce land pooling policy that would be beneficial to a large extent. The greatest drawback of this city lies in the unplanned urbanization which has led to the failure of DDA to acquire a single additional plot of land for building house. So the land pooling policy is all set to unlock about 20,000 to 24,000 hectares of land that can easily accommodate about 24 lakhs houses.
Through land pooling in L Zone Dwarka Project, interested owners can donate their lands to DDA and approximately about 48 to 60 percent of their given land shall be returned back to them. The remaining area of land shall be handed over to real estate developers to build up houses for residential and commercial purpose in the area.
This is undoubtedly a good way of creating accommodation for the ever rising population, particularly for low income households. If this plan is conducted efficiently, smart Delhi shall soon get rid of unwanted slum areas. Some areas of the national capital territory have poor land management and this could be efficiently addressed by land pooling policy which looks after the fact that all unused lands are properly utilized and developed to create residential complexes.
Rs 48,000 crore has been allotted to develop smart cities India wide especially along the outskirts of Delhi. And Dwarka, Narela, Rohini are among the areas that fall under this policy. These places shall be developed as smart-sub cities like the townships like
Revanta Officers Boulevard by integrating and accumulating the plots given up by the landowners. These places shall be developed as per an authorised scheme so that they get all the top class amenities and infrastructures. The prime minster have also stated that the government is eager to attract foreign direct investment and real estate developers to create smart city projects. However, he made it clear that the proposed design and facilities of the city shall depend absolutely on its residents as well as the state government. The government hopes that this would be a major structural shift in the real estate market, creating a citizen centric approach for developing top notch living spaces.