Twitter
Advertisement

Double TDR opens up more space for development

Chief minister Devendra Fadnavis has announced the double Transfer of Development Right (TDR) — virtual space in lieu of acquiring a reserved plot. Henceforth, if you own a 1,000 sq metre of government reservation imposed plot, then you will be able to get 2,000 sq metre of virtual space against it. And this virtual space can be sold at the market rate.

Latest News
article-main
FacebookTwitterWhatsappLinkedin

Chief minister Devendra Fadnavis has announced the double Transfer of Development Right (TDR) — virtual space in lieu of acquiring a reserved plot. Henceforth, if you own a 1,000 sq metre of government reservation imposed plot, then you will be able to get 2,000 sq metre of virtual space against it. And this virtual space can be sold at the market rate.

This move will help release the reserved plots and the government or the municipal corporations will be able develop the imposed amenities. "Due to the lower incentive, most of the owners on whose land reservation had been imposed, were reluctant to hand over these reserved plots to the government or any other authority. In some cases, they even moved court against the state's decision of acquisition. This complicated the whole thing and delayed the land acquisition procedure. By increasing the TDR, we will motivate the land owners to hand over the reserved plots for the development of amenities," Fadnavis said.

He added that they are coming up with a new TDR policy where one of the main clause will be that if the TDR is generated at one place, then it should be used at the same location only. "People cannot generate low rate TDR and use it in a high-value area; that created imbalance in development. No one should suffer. We will also allow the owner of the reserved plot to develop the imposed reservations, and in return, he will get additional benefits," Fadnavis added.

Property experts opined that due to the meager incentive, the Brihanmumbai Municipal Corporation (BMC) was not able to implement its 1991 Development Plan in totality. "To avoid a similar failure in its other proposed DP plans, the state government has decided to increase the incentive so that development will take place in an effective manner. It will be a win-win situation. Besides, we will be able to develop the infrastructure to cater to the growing population's demands," said a government official requesting anonymity.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement