Dealing in real estate involves a lot of paperwork and documentation. As an investor looking to diversify the portfolio, you must be familiar with a lot of terms. All these terms appear to be confusing for you and lead to further misunderstandings regarding the investment. The draft plan for Delhi – MPD 2041 is out in the public domain. We have defined some of the terms that are integral in the draft and every investor should keep a close look in terms of future real estate investments in Delhi-NCR.
- Land Pooling – The term denotes the process of consolidating land parcels usually in the peripheral areas of cities and towns, wherein small and medium scale landowners collectively hand over the land to the development authority.
- Lal Dora Areas – The term came into existence during British rule, which denoted land parcels that belonged to village habitations. There are specific areas in Delhi-NCR that are exempt from building bye-laws and construction rules.
- Green Blue Economy – With ecosystem and sustainable living acquiring great significance, the MPD 2041 has encouraged green blue features that allocated more roof gardens, landscaped greens, terrace gardens, green walls, etc for property/plot development.
- Night Time Economy – The city that never sleeps – yes – the master plan has rolled out the 24-hour city concept that identifies exclusive circuits and nodes within the city that can be used for attracting more revenue by engaging people through active nightlife.
- Green Development Area – The MPD – 2041 plan has allotted separated green areas for development characterized by low density and low building footprint with more greeneries and minimal development across Delhi-NCR.
- Transferable Development Right (TDR) – A certificate that gives permission for a landlord as compensation for their loss during the urban development process. The landlord can transfer the certificate to other persons who will be entitled to conduct permissible development in the given area.
- FAR (Floor Area Ratio) – The ratio of the total floor area of a building to the land area on which the building has been conceived. It denotes the total area across all the floors that can be built on the plot. This will be determined by the local municipal authority to control the vertical development.
- Transit-Oriented Development – A category of urban development that is designed as a walkable, mixed-use high-density zone surrounded by residential and commercial complexes that are situated within walking distance from the transit facility.
- Right of way – The total land acquired for the construction of roadway with special mentions on the travel lane, median and shoulder, and public utilities that will be conceived along the roadway for widening in the future.
- Comprehensive Mobility Plan – Focuses on the wholesome improvement and promotion of public transport and non-motorised transports which will spearhead the transportation of Delhi-NCR.
- Public Transport Accessibility Levels (PTAL) – A detailed indicator of analyzing the distance and accessibility of a particular geographic location to the nearest public transport network.
