DDA Unveils PPP Model to Revolutionize Delhi's Real Estate Sector
Delhi Development Authority announces plans to transform the city's real estate landscape through a Public Private Partnership model, aiming to increase transparency and trust in the sector.
Real EstateDelhi Development AuthorityPublic Private PartnershipRera ActInfrastructure Facility ManagementReal Estate NewsSep 18, 2024
At the recent CII Real Estate Summit, Panda highlighted the DDA's commitment to transforming Delhi into a vibrant global city. He stated that the DDA is working on a plan to develop land in a Public Private Partnership with developers on an annuity model, and a detailed model plan will be released soon.
Additionally, Panda emphasized the introduction of new regulations aimed at eliminating the limited land holding rule, which has previously hindered collaborative development efforts. He also invited industry stakeholders to submit proposals for the rehabilitation and redevelopment of slum areas, emphasizing the potential for integrating profitable ventures with social development.
The DDA's plans also include the establishment of new industrial zones targeted at service sectors. Citing the upcoming developments in Narela, Panda remarked that Narela is set to become a new educational and industrial hub, integrated with freight corridors and logistic parks.
Anand Kumar, Chairman of RERA Delhi, also spoke at the summit, outlining the positive effects of the RERA Act 2016 on the real estate market. He stated that the RERA Act has enhanced transparency and trust in the real estate sector, and pointed out that property registration is crucial for curbing illegal developments.
Addressing the importance of sustainable infrastructure, the summit highlighted the role of Infrastructure Facility Management (IFM) services, which remain underdeveloped in India compared to global standards. CII, in partnership with CBRE, hosted an Infrastructure Management Conference to promote strategic growth in this sector.
Panda stressed the urgent need for policies that encompass facility management, stating that developers should be entrusted with the responsibility of property management by laws with due checks to ensure holistic development and sustainable infrastructure in the country.
CII Delhi Chairman Jaideep Ahuja underlined the evolving dynamics of the real estate sector in Delhi, stating that Delhi's real estate is pivotal in driving urban development and economic progress.
Meanwhile, Harsh Vardhan Bansal, Convenor of the CII Delhi Panel on Infrastructure, Real Estate & Urban Development, raised concerns about regulatory clarity, noting that Delhi is perhaps the only capital in the world where people come to live but work in neighbouring regions.The Summit concluded with a consensus on the urgent need for collaborative efforts between industry stakeholders and government bodies to navigate the complexities of Delhi's real estate market, aiming for a more sustainable and efficient urban environment.
Frequently Asked Questions
What is the main objective of the DDA's PPP model?
The main objective of the DDA's PPP model is to revitalize the city's real estate landscape and increase transparency and trust in the sector.
What is the RERA Act and how has it impacted the real estate market?
The RERA Act is a regulatory body that has enhanced transparency and trust in the real estate sector by ensuring that developers register their projects and provide buyers with accurate information.
What is Infrastructure Facility Management (IFM) and why is it important?
IFM is a service that manages and maintains infrastructure, and it is important because it ensures that infrastructure is sustainable and efficiently managed.
What are the DDA's plans for the redevelopment of slum areas?
The DDA plans to invite industry stakeholders to submit proposals for the rehabilitation and redevelopment of slum areas, with the goal of integrating profitable ventures with social development.
What is the significance of the CII Real Estate Summit?
The CII Real Estate Summit is a platform for industry stakeholders and government bodies to come together and discuss the challenges and opportunities in the real estate sector, with the goal of navigating the complexities of Delhi's real estate market.
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