The Delhi Development Authority (DDA) approved major changes Friday. These reforms aim to boost Delhi’s commercial property market. The goal is to attract more investment and large projects.
The DDA drastically cut amalgamation charges for commercial sites. It dropped from 10% of the circle rate to just 1%. This move should encourage more commercial building. High costs previously deterred developers.
The DDA wants to make unused commercial plots useful. Lower charges will help developers group land for bigger projects. The authority also reduced the multiplication factor for commercial property auctions. It is now 1.5 times the circle rate, down from two times.
These changes aim to match property values with market prices. Delhi will also become more competitive with nearby cities. Developers often cite higher costs in Delhi as a reason to move projects elsewhere. The DDA hopes these changes will bring investment back.
Beyond commercial rules, the DDA also changed land use in Narela. The area will become an education center. A sports stadium and complex are also planned. These developments should speed up Narela’s growth.
The DDA will also offer 177 housing units. These are for middle and lower-income groups. The flats will be sold via online auction. Locations include Vasant Kunj and Dwarka.