Quote by Mr. Pradeep Jain, Chairman, Parsvnath Group on Land Pooling Policy

Mr. Pradeep Jain, Chairman, Parsvnath Group Says on Land Pooling Policy:

“It is a welcome move by the government as it will open up a floodgate to develop around 25,000 hectares of land in Delhi itself. This will facilitate affordable housing development in Delhi which was erstwhile unimaginable. As the cost of land has gone so high, it has pushed affordable realty markets to the peripherals of NCR. This move will reverse the scenario and help buyers with affordable options in Delhi.

However, the execution challenges would still remain till government does not form a Single Window Clearance Mechanism to grant approval of layouts and development licenses. Also, there is no clarity on reduction / exemption of Stamp Duty for developers who surrender their land to DDA. Though it is a much desirable development as far as consumers are concerned, government needs to fix the issues to make it lucrative for developers as well. Overall it is a welcome move and has a potential to change the real estate scenario of Delhi NCR.”