30% returns with Delta hedging options

Hello All,

I'm thinking to execute following strategy. Options expert please advice whether this is appropriate and doable.

I want to take position in long dated nifty options

So chosen range is

Short 7500 CE (delta : -0.24)
Short 5000 PE (delta : 0.12)

Now considering this, I will short
Two lots of 7500 CE &
Four lots of 5000 PE

Now every Friday (or Monday), I'll adjust my position so that my position delta almost remain neutral.

Alternative I'll do the same when Nifty changes from 200+ points in one direction within a week.

I believe that by delta hedging, I'm controlling my price fluctuation risk and will earn time decay. This will result into much higher % return.

Experts ... please suggest your views.

Regards,