MMRDA again puts up 30k sqm for sale to raise revenue

After having received improper response from builders over selling of transfer of development rights (TDR), the Mumbai Metropolitan Region Development Authority (MMRDA) has once again put up 30,000 sqm for sale so that some revenue can be raised for its projects.

In June 2015, the development authority had called for proposals from developers and received response from 14 players to sell the same TDR, but eventually, the deals did not materialise because the amount of Rs150 crore could not be generated.

The MMRDA had relaxed conditions last year anticipating better response, by decreasing the minimum area for purchase.

This time, it has further altered its one of the conditions by allowing developers to come forward to buy a minimum of 500 sqm.

This TDR was generated in around a decade from Jogeshwari and Goregaon by undertaking slum rehabilitation schemes and is a second attempt to sell off TDR generated from these locations.

The MMRDA wants to test the realty market with sale of TDR and, in the coming years, when big-ticket projects like Metro and Mumbai Trans-Harbour Link will be implemented, land bank in Wadala and Bandra-Kurla Complex is likely to be put up for sale so that the revenue earned can be used for these transportation projects.