Navin Raheja hopeful about new TOD, will aid Housing for All
Navin Raheja, Chief Managing Director of Raheja Group and chairman of Naredco is really hopeful about the recently approved policy of Transit-oriented Development (TOD) which is expected to boost the construction of housing units in Delhi. TOD allows a mixed land use which will combine residential, commercial and institutional developments. These developments will happen in an influence zone of 500 meters on both sides of the metro corridor. Mr Raheja is really hopeful as he believes that this will help cities grow and promote vertical growth.
The policy of TOD will raise the Floor Area Ratio (FAR) to 400% from the current level of 250%. This will boost a better land utilization and building up of more housing units. According to the policy being implemented, a TOD zone would comprise nearly 20% of Delhi’s overall area. The developments that can be undertaken under this policy can be taken up in phases for a minimum plot size of 3,000 sq mt.
45% of the total 1 hectare which will be developed in TOD has to be dedicated to housing units for the poor and the middle classes. This has been incorporated keeping the mission of Housing for All in mind. In the same line, the size of EWS units under this policy has been decided at 32 to 40 square meters.
Mr Navin Raheja believes that TOD is going to be one of the significant initiatives in maximizing access to public transport. It will encourage transit ridership which in turn will help in reducing traffic and pollution problems. TOD will also help in curbing construction of illegal colonies and slums around metro lines. Being hopeful, he also believes that the effectiveness of this policy also heavily depends on speedy implementation of the provisions.
ABOUT NAVIN RAHEJA
Navin Raheja is a self made entrepreneur who started his career with less than $ 100 and today he is executing projects worth over $ 2 billion. Born to Yagyabrahma Shrimati Krishna Raheja and late Shri Maheshwar Nath Raheja an Indian Government servant on transferrable jobs, his first investment was earned through his school and college savings, part time businesses and house tuitions. Navin Raheja started his career in 1978 with a scooter agency and experimented with diverse businesses viz finance, electronics, computers, travel agency, import agencies before finally settling with real estate after about a decade.