New Delhi, 21 September 2023: According to an analysis conducted by the Delhi Consortium think tank, the approval of Delhi Master Plan 2041 is projected to create a significant economic opportunity valued at USD 100 billion over the upcoming two decades. This potential is driven by intensified development activities, so much so that GDP of Delhi can double every 7 years, primarily fueled by private sector investments in urban development and knowledge-based industrial endeavors.
Delhi Consortiums, specializing in real estate advisory and project acquisition and development under the Delhi Master Plan MPD 2041, stands at the forefront of this endeavor. Whether in the context of recent G-20 summit discussions or the strategic goals of the Modi Government related to Sustainable Development Goals (SDGs), Delhi emerges as the optimal location to demonstrate our intent and capabilities. The green light for policies such as the Green Development Area (GDA) Policy, Land Pooling Policy, and Urban Regeneration initiatives, particularly in areas bordering developed sectors like Gurugram, Dwarka, and the Central Business District (CBD), is eagerly anticipated by institutional investors and global capital.
Upon the approval of MPD 2041, Delhi is set to embark on an aprox. 57,000-hectare development endeavor, positioning it as a key services hub serving a population exceeding 3.2 crore within the next 2 decades. This transformative initiative will unlock the real-estate opportunities across 165 Delhi villages, ultimately boosting Delhi‘s per capita income to INR 4 lakhs—a remarkable 40-45% increase from the INR 2.72 lakhs reported in the 2022-23 Economic Survey of Delhi.
Ramesh Menon, Founder Director Delhi Consortium said, “There is an urgent need for approval of Delhi Master Plan 2041, as Delhi Land reforms Act 1954 is the biggest impediment to the planned development of Delhi. The discretionary use of it by the Administrative officers of the revenue department doesn’t build the confidence amongst the stakeholder of Delhi Master Plans. Officers of various tehsils interpret the law, as per their understanding, and impose various sections like 33, 81 etc. on the landowners. It doesn’t serve any purpose other than harassment and delays in investment transaction closure”.
“There are judgments by the Appellate courts as well judicial verdicts which clearly pronounce that the Delhi Land reforms Act ceases to apply post urbanization and the revenue courts have no jurisdiction to entertain such matters”, he further added.
Delhi is home to almost 10,000 unauthorized colonies, a substantial figure among global capitals. These settlements remain unregulated, denying the government potential revenue sources such as registration fees and development charges. MPD 2041 seeks to rectify this while enhancing the city’s social and physical infrastructure, addressing concerns related to unauthorized colonies. “We have been closely monitoring the progress of Delhi MPD 2041. The city has been denied its potential real estate growth due to the delayed approval of this plan. With significant investments from the Central Government in Delhi‘s infrastructure, we anticipate renewed investor interest from neighboring states, fostering substantial land assembly, reorganization, and real estate development in accordance with international standards.”