The aim of the policy is to involve private parties in the development of real estate for residential and commercial purposes in the capital, something only the Delhi Development Authority (DDA) was doing till now.
The profit from such development will go to landowners pooling their land for the projects.
In case of residential use, tradable FAR can only be transferred to another development entity or DE (a landowner or a group of landowners) in planning zones with approval/licence for projects more than 20 hectares.
This essentially means that a DE can sell his FAR to another developer. This can be done especially in case of height restrictions in a specific area, former planning commissioner (DDA) A K Jain said. The concept, he said, was prevalent in Mumbai.
The final notification has been issued by the Ministry of Urban Development. This essentially means the land pooling policy can now be implemented. While the modalities are being worked out, we will publish an advertisement giving details of the procedure, a DDA official said.
Only a certain percentage of FAR would be allowed to be traded, the official said.
The zones where such development can be taken up in the city are J (South Delhi), K-I, K-II (Dwarka), L (West Delhi), M (Rohini), N (Northwest Delhi) and P-I and P-II (Narela sub-city and North Delhi).
The National Capital Territory of Delhi has been divided into 15 planning zones under Master Plan-2021. Out of these, eight zones (A to H) are in urban areas and six zones (J to P, except O) are in urban extensions or rural areas. Zone O is designated for Yamuna front.
Planning zone J in South Delhi is bounded by the Mehrauli-Badarpur road in the north, National Highway-8 in the west and Delhi's boundary in the south and east.
The Urban Development Ministry issued the notification in this regard on September 5. The immediate urban extensions could be in zones J to L, N, P-I and P-II. In order to accommodate the additional population, the land required for urban extension will have to be assembled for planned development..., the notification reads.