According to an estimate by Delhi Consortium think tank, Delhi Master Plan 2041 approval will unlock an opportunity worth USD 100 billion over the next two decades. The GDP of Delhi can double every 7 years owing to heightened development activity, spurred by private sector investments into urban development and Knowledge based Industrial activity. Delhi Consortiums is a Real Estate advisory organization with core competence in land, projects acquisition and development under the Delhi Master plan MPD 2041 (Lets stick to Delhi Master Plan). Whether the recent G-20 summit or the Modi Govts strategic intent on SDG goals, Delhi is the best place to showcase our ‘Intent & Ability’. The Institutional investors & global capital await the approval of Green Development Area (GDA) Policy, Land Pooling Policy & Urban Regeneration initiatives, specially in the areas abutting Developed sectors of Gurugram, Dwarka and CBD areas.
Post the approval to the MPD 2041, approx. 57 thousand hectares of development will be undertaken in Delhi, which will help evolve Delhi into a services capital and help cater to population of over 3.2 crore in the next 2 decades. This will unlock the real-estate potential in 165 villages within Delhi. With the planned development, per capita income in Delhi will be increased to INR 4 lakhs, which is an increase of almost 40-45% from INR 2.72 lakhs (Economic Survey of Delhi 2022-23).
Ramesh Menon, Founder Director Delhi Consortium said, “There is an urgent need for approval of Delhi Master Plan 2041, as Delhi Land reforms Act 1954 is the biggest impediment to the planned development of Delhi. The discretionary use of it by the Administrative officers of the revenue department doesn’t build the confidence amongst the stakeholder of Delhi Master Plans. Officers of various tehsils interpret the law, as per their understanding, and impose various sections like 33, 81 etc. on the landowners. It doesn’t serve any purpose other than harassment and delays in investment transaction closure”.
“There are judgments by the Appellate courts as well judicial verdicts which clearly pronounce that ‘the Delhi Land reforms Act ceases to apply post urbanization and the revenue courts have no jurisdiction to entertain such matters", he further added.
Delhi is home to almost 10,000 unauthorized colonies, which too is amongst the highest in the world, amongst capitals. The Government is unable to earn any revenue in the form of registration fee, development fee or any other kind of taxation from these colonies. MPD 2041 also aims to provide Delhi with a better social and physical infrastructure and addresses issues raised by unauthorised colonies.
“We have been closely monitoring the progress of Delhi MPD 2041. Delhi has been deprived of the real-estate development opportunity it can offer to the people, due to delay in approval of MPD 2041. Owing to the large investment commitment of the Central Govt. into Delhi Infrastructure, we also expect investors from neighbouring states to renew their investment commitment to Delhi into large scale land assembly, land reorganization as per International norms and Real estate development.
