The Delhi Development Authority (DDA) is set to increase charges for conversion of land from leasehold to freehold for commercial and industrial properties as well as multilevel parking in the city.
In its last meeting, held on June 14, the authority gave approval to hike the rates for FY 2023-24 by 10% on last year’s rates.
“While we can implement the decision on a provisional basis, a proposal will be sent to the ministry of housing and urban affairs for final approval and notification, which is expected soon. The conversion rate is 6% of the land value and the increase will be 10% of this value,” said the official.
In the case of commercial properties, the land rates for calculating conversion charges have been proposed to increase from Rs 1,98,504 per sqm to Rs 2,18,354 per sqm for the Central, South and Dwarka zones. For the West, North, East and Rohini areas, the rates are expected to go up from Rs 1,37,855 per sqm to Rs 151,640 per sqm. For Narela, they are set to be hiked from Rs 55,144 per sqm to 60,658 per sqm.
In the case of industrial properties, the leasehold-freehold conversion charges in Central, South and Dwarka zones, have been proposed to increase from Rs 1,19,106 per sqm to Rs 1,31,016. For the West, North, East and Rohini areas, they will increase from Rs 82,715 per sqm to Rs 90,986 per sqm. In Narela, the rate will be hiked from Rs 41,359 per sqm to Rs 45,494 per sqm.