The national capital is likely to have a new Parliament building in the next five years.
Minister of State (Independent Charge) for Housing and Urban Affairs, Hardeep Singh Puri, said on Friday that one of Prime Minister Narendra Modi's dream projects is to reconstruct buildings built between 1911 and 1927 like North Block, South Block, Rashtrapati Bhavan and the Parliament building.
"We are going to reconstruct all of that. By the time we meet in 2024, at the time of next election, it is our expectation that we will be in a new Parliament building," he said at a conference jointly organised by industry body FICCI and Delhi Development Authority (DDA).
He said the government's request for proposals have received a great response by the stakeholders.
Puri said the new Land Pooling Policy will transform Delhi into the world's largest megapolis by 2024. It will create 17 lakh additional residential units, hugely contributing to the country's GDP and jobs.
DDA Chairman and Lt Governor Anil Baijal said the land pooling sectors will have a reduced energy footprint with the implementation of green building norms.
"We see the Land Pooling Policy as an important instrument in preparing the city for future by providing major new residential spaces, work areas, recreational hubs and new cultural districts," he said.
DDA Vice-Chairman Tarun Kapoor said that 6,400 hectares or more than 15,000 acres of land has been registered for land pooling. DDA will support consortia of landowners in initial projects so that more developers are encouraged to participate.
Sanjay Dutt, Chairman of FICCI Real Estate Committee and Managing Director of Tata Realty and Infrastructure, said the policy's success depends on the availability of single window clearance, connectivity and healthy returns for developers in terms of the reasonable cost of land.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)