INRnews - Indian Real Estate News

Mr Maken said that the Delhi’s Master plan will have provisions to allow builders to make multi storied buildings in the agricultural land of Delhi to accommodate the growing needs of housing and even allow single stories house owners to convert their dwelling units to multi storied houses to maximize the use of their land.

Mr Maken, however, added that as of now the government has no plan to permit the hoteliers to add up to rooms to their hotel premises as it would not solve the problems. Instead, the government was considering allocating them separate sites to build new hotels as that would help to meet the growing demand of tourists, said Mr Maken.

The Minister also announced that the draft bill for proposed regulatory authority would be referred to Parliamentary Standing Committee on Housing in next few weeks before it is placed in the Parliament in its forth- coming winter session.

The proposed authority will have one window system for giving all clearance to real estate developers with in a stipulated time of 40 days to ensure proper development of the city in view of Common Wealth Games 2010, said Mr. Maken.

The Minister added that the regulatory authority will work as model for other states for which the ministry of Urban Development will separately circulate the draft bill so that all states set up their independent real estate authority to develop their real estate business.

Besides, Mr. Maken also said that the new Master Plan for Delhi, which is being given final touches as per recommendations made by Tajinder Khanna Committee, would be made public by December 2006.

Expressing utter dissatisfaction over the way the Delhi Development authority (DDA) has being functioning ever since it came into being Mr. Makan said that its role as per the requirement of New Master Plan will be slimed and trimmed to ensure that the authority is reduced to a planner and regulator level only.

The DDA’s role in new master plan will be confined to policy making only and that it will be striped of its present monopolistic role of builder, regulator and vendor said the Minister.

ASSOCHAM President, Mr. Anil K Agarwal quoting the findings of Chamber study said “the housing sector should be viewed in a holistic perspective. There should be full implementation of housing sector reforms rather than in bits and pieces. For instance, the financial aspects of the housing policy seem to be out of sync with non-financial reforms. Further, it is not clear why the Union Budget 2006-07 ignored the crucial suggestions of 2005”.

“A simple mechanism for smooth property transactions needs to be in place. Developers today need 26-40 approvals for developing land. Moreover, the cost of transaction in land and housing is also significantly higher than any other commodity.” added Mr. Anil K Agarwal.