NEW DELHI, 13 September 2019: Mr Hardeep Singh Puri, Minister of State (Independent Charge), Ministry of Housing and Urban Affairs, Government of India, today said that the Land Pooling Policy will transform Delhi into the world's largest megapolis by 2024, when the country is likely to have a new Parliament building.

Speaking at 'Land Pooling: Building India's Capital', organised by FICCI jointly with Delhi Development Authority (DDA), Mr Puri said that one of the Prime Minister's dream projects is to reconstruct those buildings built between 1911 and 1927 like North Block, South Block, Rashtrapati Bhavan and the Parliament building.

"We are going to reconstruct all of that. By the time we meet in 2024, at the time of next election, it is our expectation, we will be in a new Parliament building," he said, adding that the government's RFPs (request for proposals) have received great response by stakeholders.

Mr Puri added that the Land Pooling Policy, which is an important step towards making Delhi world's largest megapolis having highest international standards, will result in 17 lakh additional residential units hugely contributing to country's GDP and jobs.

Mr Puri further added that the Land Pooling Policy is a balanced policy as of the 17 lakh dwelling units, it provides 5 lakh dwelling units to people from the economically weaker section. He invited private sector companies to come forward and explore opportunities.

Mr Anil Baijal, Lieutenant Governor of Delhi and Chairman, DDA, said that the system is being geared to offer ease of doing business to both local and international developers and investors, who have already started showing interest in the venture.

"We see the Land Pooling Policy as an important instrument in preparing the city for the future providing major new residential spaces, work areas, recreational hubs and new cultural districts," Mr Baijal said.

The land pooling sectors will have a reduced energy footprint with the implementation of green building norms and each sector will be designed as a zero-discharge sector, he added.

Mr Sanjay Dutt, Chairman, FICCI Real Estate Committee and MD & CEO, Tata Realty and Infrastructure Ltd said that the success of the policy depends on the availability of single window clearance, connectivity and healthy returns for the developers in terms of reasonable cost of land.

Mr Tarun Kapoor, Vice Chairman, DDA said that 6,400 hectares or more than 15,000 acres of land have been registered for land pooling by September 6, when the registration closed. DDA would provide handholding to the consortium of landowners in the initial projects so that more are encouraged to participate in it, he added.