India, Aug. 19 -- With the approval of the Delhi Master Plan 2047 on August 12, the national capital has laid out a long-term blueprint to accommodate a population expected to approach 32 million by 2047 and meet the need for nearly 4 million additional homes.

For Delhi's real estate market, the plan could unlock opportunities in affordable housing, redevelopment and commercial development by bringing underutilised urban land into productive use. Provisions for land pooling, redevelopment, revised floor area ratio (FAR), Transit-Oriented Development (TOD) and faster building approvals could significantly expand housing supply.

The impact of MPD 2047 on NCR real estate is unlikely to be uniform. If large volumes of new affordable housing...