Delhi Master Plan 2047 approval likely to boost real estate sector

Synopsis

The Master Plan 2047 has been greenlit by the Delhi Development Authority and is pending final approval from the government. This initiative seeks to clarify the landscape of real estate in the city, streamlining business operations by simplifying clearance processes. It tackles land scarcity issues with a focus on redevelopment in key zones, and experts predict it will greatly influence the property market in the national capital.

New Delhi: The national capital's real estate sector could receive a much-needed push following the approval of the Delhi Master Plan 2047 by the Delhi Development Authority (DDA), said industry executives and experts.

The plan, which has been sent to the housing and urban affairs ministry for final approval and subsequent notification, is likely to provide clarity on the development of farm houses as well.

"We would welcome greater clarity on the Green Development Area and farmhouse policy in due course, and are hopeful that clearance comes through smoothly, so the momentum this approval has built doesn't lose steam," said Amit Goyal, managing director, India Sotheby's International Realty.

The master plan was stuck for more than four years in bureaucratic limbo, and during that time Delhi lost a precious opportunity to move towards its goal of becoming a world-class capital, said executives.

"Circle rates haven't moved since 2014, unauthorised colonies have filled the planning vacuum, the Green Development Area sat frozen and that has let unregulated farmhouses mushroom. Developers simply voted with their feet toward Gurugram and Noida," Goyal said.

The master plan gives Delhi a future-ready framework to work with, and the parallel move to ease the Unified Building Bye-Laws, cutting down no-objection certificate (NOC) requirements, is a first step toward ease of doing business here.

DDA has said the master plan will guide the future growth and development of the national capital.

"The true value of the master plan for Delhi lies in its swift approval and formal notification by the Union Ministry of Housing and Urban Affairs. Key interventions such as establishing workable boundaries along the Yamuna floodplain, unlocking vertical and mixed-use potential across multiple peripheral villages under the Green Development Area framework and enabling redevelopment rights in ageing government colonies directly address Delhi's acute land scarcity," said Ankita Sood, national director - research, Knight Frank India.

However, the real operational game changer is the removal of separate departmental clearances for pollution, fire, water and forest, according to her.