Homebuyers, Developers To Benefit From Redevelopment of Old Societies In Delhi
A part of Delhi's old-world charm is its age-old residential societies comprising of three-storeyed buildings and the concept of community living, which has been an integral part of the city planning since decades. However, with the growth in upscale highrises across cities, these may be fast fading as relics of the past. A number of them were built without parking spaces, swimming pools and community halls, a far cry from the modern-day, self-sufficient apartment complexes.
In , the Development Authority (DDA) wants to give such housing societies a makeover, with help from developers.
A win-win situation
The has increased the Floor-Area Ratio (FAR) by 50 per cent for redevelopment of old housing projects and allowed highrises to be built by cooperative group housing societies. Not only will this move help modernise the old constructions in Delhi, but also allow extra floors in residential real estate to be built and sold by developers.
As per the policy, a developer will be able to add more floors to a building. For instance, a building that has three to six floors at present can be developed into a 20-storeyed building, post approvals granted by municipal authorities. Real estate developers will also be able to add more towers within a society if there is ample space available.
This move will be beneficial both for residents as well as developers. While the residents of these societies in Delhi will enjoy the renovated buildings, the developers will be able to sell new and unoccupied apartments to homebuyers looking for homes. Moreover, home owners will also be able to access bigger homes, as the policy allows developers to add extra rooms.
The redevelopment policy has been approved and is awaiting notification from the Union Urban Development Ministry.
This move by the DDA will spruce up supply of homes in Delhi and address the ever-rising demand for homes.
Taking the middle path
According to government estimates, there are over a million homes in Delhi's residential societies in need of renovation. Redeveloping them will not just improve the living conditions of residents, but also add additional flats. While a number of societies are working out deals with developers to take the redevelopment initiative forward, there are a number of residential welfare societies that fear that green spaces in old buildings might be used for constructing new towers or flats.
To negate the environmental impact of such efforts, a number of developers and societies are working out on plans that will incorporate mandatory green spaces and gardens in residential societies identified for redevelopment.