Delhi Master Plan 2041 a likely $100 billion opportunity – ET Infra

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The Delhi Master Plan 2041, which is still awaiting the final government clearance, is anticipated to generate economic opportunities totalling $100 billion in the next two decades, as per an analysis by a think tank.

The Delhi Master Plan is expected to unlock real estate opportunities in 165 Delhi villages, potentially raising Delhi’s per capita income to ₹4 lakh, as per the analysis by think tank Delhi Consortium. This represents a 47% increase from the ₹2.72 lakh per capita income reported in the 2022-23 Economic Survey of Delhi.

“There is an urgent need for approval of Delhi Master Plan 2041, as the Delhi Land Reforms Act 1954 is the biggest impediment to the planned development of Delhi. The discretionary use of it (the 1954 law) by the administrative officers of the revenue department doesn’t build confidence among the stakeholders,” said the think tank’s founder-director Ramesh Menon.

According to experts, the delay in giving approval to the master plan has led to the mushrooming of illegal farmhouses in Delhi, as the Green Development Area Policy by the Delhi Development Authority was expected to regularise these properties.

“The government should expedite the notification of MPD 2041. In the interim, municipal corporations should strictly halt any unlawful construction or deviation from zonal plans. The MCD should also keep the building plan sanction process open as per current farmhouse policy to ensure authorised construction can be carried out in line with the current regulatory framework until the new rules are framed,” said Amit Goyal, managing director, India Sotheby’s International Realty.

The approval and earnest implementation of the Delhi Master Plan are critical to preventing any further haphazard growth of the capital, said experts. “Initiatives like the farmhouse policy, land pooling policy, notification, and infrastructure development of new city blocks under the master plan have also faced significant delays. However, it is imperative to take decisive and prompt action now. Metro lines, redevelopment, and new city blocks can enable increased population density, thereby improving living conditions and economic prospects in Delhi, which is among the world’s most populous cities,” said Nayan Raheja of Raheja Developers.Absence of timely planning and policy implementation in Delhi has resulted in nearly 50% of the city becoming unauthorised.

  • Published On Sep 20, 2023 at 08:12 AM IST

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