Farmhouse owners in the capital are set to reap a huge bounty, with the Master Plan for Delhi allowing the development of group housing societies on such land. This is the first time that such a thing is being done.
This will unlock a lot of land for residential purposes and help apartments to come up in prime South and West Delhi areas like Chattarpur, Bijwasan and Najafgarh. A policy will soon be finalised to fix the minimum area for such projects.
The draft masterplan had initially permitted group housing on a minimum area of 25 acres. This decision was taken so that Indian builders would be able to attract foreign direct investment for these projects.
One important implication of this move is that farmhouse prices will start moving north. Farmhouses in Delhi are strategically located and industry experts say builders will envisage luxurious apartments in these areas, thus allowing sellers to quote hefty sums.