Delhi Real Estate Revamp: DDA Slashes Charges To Attract Investment And Boost Development

  In another decision the authority has lowered the multiplication factor for the auction of commercial properties from twice the circle rate to 1.5 times the circle rate

Beyond commercial policy changes the DDA also approved a change in land use across several sectors in Narela

Source : pexel

New Delhi, July 11 (PTI) In a move aimed at revitalising Delhi’s commercial real estate sector, the Delhi Development Authority (DDA) has approved sweeping reforms to make the city more attractive for investment and large-scale development a statement said on Friday.

In a DDA meeting chaired by Lieutenant Governor V K Saxena, the agency has drastically reduced amalgamation charges for commercial properties, from the existing 10 per cent of the circle rate to just 1 percent.

High amalgamation costs were among the biggest deterrents for developers in Delhi. This decision is expected to trigger a new wave of commercial development in the capital :  DDAs statement said.

The move is exploiting underutilised commercial plots, making them financially viable for developers to consolidate land and undertake large-scale projects : the statement added.

 In another decision the authority has lowered the multiplication factor for the auction of commercial properties from twice the circle rate to 1.5 times the circle rate.

This change aims to align DDAs property valuation more closely with market realities and make Delhi more competitive within the National Capital Region (NCR). For years, developers have pointed to the stark difference in regulatory costs between Delhi and its neighbouring cities as a key reason for shifting projects : DDA added.

By addressing these concerns the DDA hopes to reverse the trend and bring more commercial investment back into the city.

Beyond commercial policy changes the DDA also approved a change in land use across several sectors in Narela.

The objective is to transform the area into an educational hub while also developing a multi-sports integrated stadium and sports complex. These developments are expected to accelerate the planned growth of the Narela sub-city : the official statement said further. The DDA also plans to launch the premium housing scheme 2025, offering 177 residential flats to middle- to lower-income groups via e-auction at prime locations like Vasant Kunj, Dwarka, Rohini, Pitampura, Jasola, Ashoka Pahari and  others : the DDA added. 

((This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)