The DDA (Delhi Development Authority) has already notified its conversion charges for the development of commercial activities and group housing across industrial plots in the National Capital as per the statement issued by the Union Ministry of Housing & Urban Affairs. The permission to develop group housing projects on industrial plots has thus been granted by the DDA and should boost the real estate market in Delhi-NCR as per experts.
Land-use changes may be in the offing for various industrial stretches once conversion fees have been paid to the DDA. This decision will help in freeing up more space for development of residential housing units in New Delhi. As per reports, the Master Plan 2021 allows group housing for any industrial unit that has 3, 000 sq. m as the minimum plot area. Conversion charges will be worked out on the basis of circle rates of the residential areas nearby. Use conversion charges for the permission to develop residential group housing will range between Rs. 14, 328-24, 777 per sq. m while Rs. 3, 039-7, 597 per sq. m across industrial areas is the additional floor-area ratio (FAR) charge.
A period of 5 years has been allowed for finishing construction work and ensuring timely flat deliveries for buyers. The charges that will be mopped up by the DDA will be deployed for better infrastructure, services and upgradation of the surroundings in these industrial zones. The conversion charges for the development of hospitals or commercial activities is 1.25 times of the conversion charges for residential group housing projects. The DDA has also released its notification for planned development of lands which are privately owned in the Capital.
The policy will apply on private stretches of land remaining from planned development and these are ones which the authority could not acquire or those where acquisition processes have been stopped by various Courts. However, the regulation will not cover areas which are part of reserved forests or under water bodies along with land plots coming under regional park and ridge categories.
