Delhi Development Authority (DDA) is all set to finalise its first project based on the policy at Karkardooma.

The project will be spread over 60 acres, is proposed to come up as a “signature destination” with 4,800 new homes catering to young professionals and corporates. It will incorporate world class plazas, public spaces, commercial areas, office spaces, residential areas and restaurants.

“As soon as the TOD policy was approved at the authority meeting, we decided to fast-track the project which will be first-of-its-kind. We will be signing an MoU with NBCC next week,” a senior DDA official said.

According to officials, a TOD zone — which extends 500 mts on either side of an identified Delhi Metro corridor — allows landowners in the area to avail 400 FAR (floor area ratio) on redeveloping their land. With a minimum plot size of one hectare, a land-owner can come forward and submit his redevelopment plan provided it meets certain criteria — 30 per cent for residential use, 10 per cent for commercial use and 10 per cent for facilities which may include recreational facilities or necessary facilities like hospitals and schools.

Officials said the hub will come up around an area comprising two Metro stations, a regional railway station, Anand Vihar railway station, Anand Vihar ISBT, DTC bus terminal, and residential colonies such as Anand Vihar. It will have a five-acre community park in addition to several two-three acre neighbourhood parks and will also boast of an 80-storey “iconic tower” — the tallest in East Delhi.