Government to Unlock Slum Lands in Delhi for Redevelopment
Union Urban Development Minister, Jaipal Reddy, announced that the government will soon make available slum lands in New Delhi for redevelopment, following the Mumbai model. This approach involves auctioning land to real estate developers for constructing flats, with a portion reserved for slum dwellers at a minimal price, while the remaining flats can be sold at market rates.
Auction Process in Advanced Stages
- The government is in the final stages of establishing the auction process in consultation with the Delhi Development Authority (DDA).
- Guidelines for the auction are expected to be released soon, as stated by the minister.
Boosting Housing Supply for Middle-Income Groups
- The government aims to increase housing supply for the middle-income population in the Capital.
- The DDA has been instructed to construct a large number of flats for middle-class residents in Delhi.
- This initiative addresses the challenges posed by rising land costs and the financial slowdown, which have impacted the purchasing power of individuals.
Progress on Real Estate Regulator Bill
- The Urban Development Ministry is giving final touches to the long-pending Real Estate Regulator Bill.
- The bill will serve as a model, mandatory for Delhi, and a template for other states to incorporate into their state legislatures.
Infrastructure Development and Funding
- Regular infrastructure needs have been prioritized alongside efforts to revitalize the realty sector.
- The Planning Commission is considering the ministry's proposal to inject additional funds into the existing corpus of Rs 50,000 crore.
- An additional funding of Rs 20,000 crore has been requested to undertake extra projects under the Jawaharlal Nehru National Urban Renewal Mission.