First deal under DDA’s special drive to fetch ₹10,000 cr. in 55 years

The Delhi Development Authority (DDA) on Saturday said its ‘Special Licence Property’ initiative, under which land is given to private players for fixed periods, has yielded good results. The first property allotted under the programme is expected to generate a revenue of ₹10,000 crore over a licence period of 55 years, it said in a statement.

“Experience during the last two decades has shown that freehold and perpetual lease models were not achieving the desired results due to the high cost of land. This move aims to make available suitable and viable land parcels to different sectors, including warehousing, health, and retail, fostering economic growth and enhancing Delhi’s infrastructure,” the DDA said.

It added that the policy, initiated under Lieutenant-Governor V.K. Saxena, who is also the DDA Chairperson, will ensure that the urban body continues to remain the owner of the land. The first land parcel offered was a 2.2-acre plot in Nehru Place for the development of a five-star hotel, said the urban body.

The DDA added, “The company secured this project for an annual licence fee of ₹27.19 crore.”