The Delhi Development Authority (DDA) has approved major changes. These aim to boost Delhi’s commercial property market. The goal is to attract more investment and large projects. This was announced Friday.
The DDA significantly lowered property consolidation fees. The fee dropped from ten percent to just one percent of the property’s value. Lieutenant Governor V K Saxena led the DDA meeting.
High consolidation fees discouraged developers. DDA expects this change to spark new commercial growth. This will make unused commercial plots more valuable. Developers can combine land for bigger projects.
The DDA also changed property auction rules. The multiplication factor for auctions lowered. It is now 1.5 times the property’s value. Previously, it was two times the value.
These adjustments aim to reflect market prices better. They will make Delhi more competitive with nearby areas. Developers often cited higher costs in Delhi. This pushed projects to other cities.
The DDA hopes these fixes will draw investment back. They also approved land use changes in Narela. The area will become an education hub. A sports complex and stadium are also planned. These changes should speed up Narela’s growth.
Additionally, the DDA will offer 177 homes. The premium housing scheme 2025 targets middle and lower-income buyers. Flats will be sold by online auction. Locations include Vasant Kunj and Dwarka.