Delhi Smart City Project in P2 Zone North Delhi-8882122444

Delhi Smart City Project in P2 Zone North Delhi-8882122444 Yatharth land Developers brings Homes under Smart City projects region in North Delhi P2 Zone. Plans available with Buy back Commitments for 2 years. Book nd Own a house in P2 Zone just in Rs 51000*
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Yatharth land Developers brings Homes under Smart City projects region in North Delhi P2 Zone. Plans available with Buy back Commitments for 2 years. Book nd Own a house in P2 Zone just in Rs 51000*

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Funding for smart cities delayed, to start in FY17

Nivedita Mookerji | New Delhi February 29, 2016 Last Updated at 00:25 IST
None of the 20 candidates selected for the first phase of the smart city project has got any funding from the Centre so far, it is learnt. Officials working on the project pointed out that the money is linked to formation of the Special Purpose Vehicle (SPV) by the city municipalities concerned. The Centre's funding of Rs 200 crore for each city in the first phase was now expected in 2016-17, they said. According to the plan, this should have come in 2015-16.
In addition to the 20 cities announced last month, another lot is likely to be selected for the first phase of funding, from 23 states/Union Territories, which have been given a chance to fast-track their proposals. These should come in by April 15. For a total of 43 cities, the annual fund requirement from the Centre for FY17 would be Rs 8, 600 crore. However, the requirement would rise substantially if the government was to roll out the next list of cities too in FY17, making it a total of 60, as originally planned. Another 40 cities are scheduled to be announced in the third year of execution, FY18.
Union Budget 2016-17 would accordingly keep aside money for the project. In fact, finance minister Arun Jaitley had kept aside Rs 7, 060 crore for smart cities in the July 2014 Budget. That remained unused as the selection process took off in 2015, Union Budget of 2015-16 was silent on smart cities.
The Cabinet had in April 2015 cleared a proposal for Rs 50, 000-crore investment by the Centre into the 100 smart cities project. According to plan, Rs 500 crore per city would be spent by the Centre, and that would have to be equally matched by a consortia of state governments and city municipalities. While the Centre would fund Rs 200 crore per city in the first phase and subsequently pump in Rs 100 crore each for three years.
Arindam Guha, senior director, Deloitte in India, said not more than three selected cities would get the central funding for smart cities during FY16. That, too, is not certain, at least three other sources said. The urban development ministry had recently said the project should take off by June. However, the government has not set a deadline for completion. But, as Guha said, cities in their respective development plans have given a timeframe of five to 10 years for each smart city, depending on whether it's a new project or expansion of an existing project.
• Union Budget 2014-15 had allocated Rs 7, 060 cr for smart cities but the funds were not used
• In 2015-16, smart cities did not get any budgetary fund
• In April 2015, the Union Cabinet cleared Rs 50, 000-cr investment by the Centre for smart cities
• According to the plan, Rs 200 cr each for the 20 selected cities was to be given in FY16
• This was to be followed by Rs 100 cr each in 3 subsequent years, as part of the plan to spend Rs 50, 000 cr on 100 smart cities in a phased manner
• The 20 selected cities have come from 11 states, with BJP-ruled Madhya Pradesh getting the highest share of three (Bhopal, Indore and Jabalpur) in the first list
• 23 states/UTs have been given a chance to fast-track their plans by April 2015

According to Pratap Padode, founder and director at Smart Cities Council India, this time, budgetary allocation should be more realistic as the smart city project is actually taking off now. He said every city is eager to receive funds as the biggest challenge is financing of smart cities. Funding by the Centre is limited and without the participation of the private sector, smart cities cannot get into the real zone. While the funding by the Centre and the state/city municipality would be Rs 1, 000 crore per city, cost is estimated to be much higher at Rs 4, 000-5, 000 crore.

While announcing Bhubaneswar (Odisha) as the top name in the smart city list, urban development minister Venkaiah Naidu said the winner was a surprise candidate. The 20 selected cities have come from 11 states, with Bharatiya Janata Party (BJP)-ruled Madhya Pradesh getting the highest share of three (Bhopal, Indore and Jabalpur) in the first list. Those with two cities each include Gujarat, Rajasthan, Maharashtra (all BJP-ruled states) and Andhra Pradesh (led by BJP ally Telugu Desam Party).

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Land Pooling Policy Concept
Delhi has grown rapidly over the last few years and its population has increased ten-fold (to 1.7 crore) in just six decades. Thus, the city requires adequate infrastructure to support about 80 lakh people to cover the existing deficit. However, according to the Delhi Development Authority’s (DDA) estimate, the current infrastructure can serve shelter to only 1.5 crore people. About 60 lakh people are expected to be added to Delhi’s population by 2021. One of the most significant issues in meeting the urbanization challenge in Delhi is the availability of new land for accommodating new population. The development of around 20, 000–24, 000 hectare land is expected to provide housing option in Delhi by 2021 to accommodate the increasing population and meet the existing deficit.
Direct acquisition of large tracts of land may be not feasible due to the ever-increasing land prices. Landowners have anyway challenged direct acquisition due to less transparency in the process and unfair compensation. To address these concerns, DDA recently introduced the land pooling policy to facilitate faster and efficient development.
The policy is aided by incentives such as high floor area ratio (FAR) and a single window mechanism. DDA, MCD, UD Ministry, Central Government, have restricted themselves; now, the will play their respective roles just as facilitators and are promoting public-private partnership for the development of urban infrastructure in Delhi. The new land pooling policy is expected to result in the availability of at least 75, 609.04 hectares of new land, a majority of which will be in outer Delhi areas such as Bawana, Alipur, Najafgarh and Narela. This large-scale development is expected to transform Delhi into a major property market in the entire NCR region.
To upgrade urban infrastructure, the government has approved INR 90, 000 crore to be spent during the 12th Five-Year Plan (FYP) (2012–2017). A combination of funding, political will and reforms are expected to assist the city’s real estate and urban infrastructure sectors to witness an impressive medium- to long term growth.

There is a need to address the problem of limited availability of financial resources and land with the DDA by overhauling existing regulations and methodologies to encourage extensive participation of the private sector in the development process. The MPD-2021 has recommended, increasing the role of private sector in urban infrastructure projects, particularly in the process of acquisition and development of land in Delhi. This long-overdue change has been implemented recently by incorporating the public-private partnership policy with the new land policy framework of DDA.

In the new (and liberalized) land policy, DDA has enabled developers to directly acquire land from farmers or landowners through partnership in place of forceful acquisition. In land pooling policy, number of small holdings are pooled together and that part of the pooled land is utilized for developing physical and social infrastructure. The remaining land is returned to the original land owners with further development rights. This policy is expected to lead 4, 357 million square feet of development across residential, commercial, public and semipublic segments through private participation. Consequently, the private sector will develop about 1.45 million new dwelling units over the next decade with the best infrastructure ever utilized in India.

Our nation (i.e. India) has successfully implemented the land pooling policy in several states earlier. For instance, Maharashtra, Gujarat, Tamil Nadu, Punjab and Kerala have followed this policy instead of the Land Acquisition Act to develop townships.

Delhi implemented its first land policy in 1961. However, in recent years, the need for a new policy was felt to provide for increasing demand for urban infrastructure and address issues such as transparency in acquisition & assessing the fair market value of land. Further, with significant increase in prices of land, it is financially difficult for DDA to go for a large scale land acquisition. Therefore, a new land policy was introduced recently to protect the interests of all stakeholders, namely landowners, development authorities, society and private players.

Land Pooling Model

Guiding Principles of Land Polling Policy:

 Central Govt./DDA/MCD/UD Ministry will act as a facilitator with minimum intervention to facilitate and speed up integrated planned development.

 A land owner, or a group of land owners (who have grouped together of their own volition/will for this purpose) or a developer, herein referred to as the “Developer Entity” (DE), shall be permitted to pool land for unified planning servicing and subdivision/share of the land for development as per prescribed norms and guidelines.

 Each landowner will get an equitable return irrespective of land utilisation assigned to their land for the Zonal Development Plan with minimum displacement.

 To ensure swift development of Master Plan Roads with essential Physical & Social Infrastructure and Recreational areas.

 To ensure inclusive development by adequate provision of EWS and other housing sections as per Shelter Policy of the Master Plan.

Role of DDA/Govt. in Land Pooling Policy:

 Declaration of areas under land pooling and proposing of layout plans and sector plans based on the availability of physical infrastructure.

 Superimposition of revenue maps in approved zonal plans.

 Time bound development of identified land with Master plan roads, provision of physical infrastructure such as water supply, sewerage and drainage, provision of social infrastructure and traffic and transportation infrastructure including metro corridors.

 DDA shall be responsible for external & internal development in a time bound manner.

 Acquisition of left out land pockets in a time bound manner shall only be taken up wherever the persons are not coming forward to participate in development through land pooling.

   Over a month ago

Real Estate Bill 2016
Rajya Sabha passes long-awaited Bill to protect homebuyers
It seeks to make consumer the king, says Minister Venkaiah Naidu.
The Rajya Sabha passed a landmark Real Estate Bill on Thursday with a promise to secure the interests of homebuyers and developers in equal measure and remove corruption and inefficiency from the sector.
The Bill, which was amended to reflect the “views and suggestions of various stakeholders and political parties, ” according to Minister for Parliamentary Affairs and Urban Development Venkaiah Naidu, won approval from legislators across the political spectrum, a rare sight as the last two parliamentary sessions had ended in a whitewash.
Real estate contributes nine per cent to the national GDP and the Bill’s passage was seen as crucial to ensuring better regulatory oversight and orderly growth in the industry.
“The whole country is waiting for this Bill, ” Congress leader Kumari Selja said. She said people had been falling prey to unfair practices in the absence of a regulatory mechanism.
The first draft was rejected last year by the Rajya Sabha, with Opposition leaders saying it favoured developers and did not serve the interests of consumers.
After incorporating 20 amendments, Mr. Naidu said the Bill now sought to make “the consumer the king” and will also “encourage developers in an atmosphere of mutual trust and confidence.”
Compared to the previous version of the Bill, in which constructions below the size of 1, 000 square metres or 12 apartments were left out of the accountability ambit, the new Bill has reduced the size and exempts projects only below 500 square meters.
Previously, in the absence of a regulatory authority, real estate deals were largely done on faith or based on the experience of friends and family.
Sanjay Dutt, Managing Director, India, at the real estate services firm Cushman & Wakefield, said one of the significant aspects of the Bill was the definition of “carpet area”. “Buyers will now be paying only for the carpet area and not the super built-up area which was fraught with confusion earlier, ” he said. “Also, the developers will now have to take consent of 66 per cent of the homebuyers in case they have to increase the number of floors or change the building plans. This will protect the buyers from any ad-hoc changes that are a norm presently.”
Highlighting the role of the RERA, the accountability agency, Mr. Naidu said: “It brings in only regulation and not strangulation. This Bill is not against anyone… The Real Estate Bill will renew investors’ confidence and ensure timely completion of projects and create more opportunities. In this way, it will help in achieving the target of ‘Housing For All’, ” he said.
If builders still cause delays in transferring properties to buyers, the appellate tribunal would intervene and slap fines on them within 60 days. In a worst case scenario, the tribunals can send a developer found guilty of fraud to jail for three years.
The builders would also be responsible for fixing structural defects for five years after transferring the property to a buyer. In case consumers fail to make payments to developers, the appellate tribunal can fine them, too.
Rajeev Chandrasekhar, an independent MP, who played a key role in drafting The Real Estate (Regulation and Development) Bill, 2015 said: “By creating a much-needed regulator for the sector at the State and Central levels, this government has initiated the crucial first step to protect consumers from the prevalent opaque and fraudulent practices that have so far characterised this sector in India.”

Real Estate Bill 2016
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Smart City Updates

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