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Ill effects of Delayed Development at Land Pooling Zone

Posted By : May 22 2016

Posted On : Delhi LPP


On Land Pooling development delayed raise an important question for the Aam Admi Party.
Why, when it is trying to quick process to regularisation of about 1,200 unauthorised colonies in Delhi, is the party clearly dined on a land pooling policy which has potential to create 25 lakhs to 30 lakhs housing units with urban facilities in Delhi? The bitter truth is that thousands of people are also in danger of losing their money as unscrupulous parties are selling their land and properties of land pooling. Let’s discuss on the major ill impacts on the delay of land pooling policy:

  • Buyers money in danger who already invest
  • New buyers lose their interest in spending
  • Development stopped in Delhi which drag city on back-foot
  • People forced to invest in high-rate property which is out of their pocket budget
  • For the affordable rates of property, people forced to live in outskirts area of city from where all magnetism of city is outlying as they have to spend more on transportation.

When the mandatory necessities of the LPP have not been accomplished, builders and brokers can in no way launch and advertise projects allied to it. Now, according to another approximation, more than 10,000 homebuyers have already paid the booking amount, range between Rs10 lakh and Rs 20 lakh for apartments in agricultural areas the land use of which has yet to be changed to residential.

Begging for more inflow of investment in key sectors, about `30,000 crore of investor money is apprehended up in land pooling policy. The funds could have or else generated a huge inflow of foreign and indigenous investment in the otherwise morose real estate sector. The Delhi government must clear files or give reasons for its laxity.