Maharashtra Government will re-look the draft of the revised TDR policy.

Amreesh Murugan,

12th February 2015

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Replies (9)

Hi ravindra and Saran,
As per Deputy Metropolitan Commissioner, it happened because there has always been a demand for TDR but there was no supply for the last few years. At the same time, there was a slowdown in the real estate sector. Since we are now seeing some level optimism in the sector we decided to sell the TDR to generate funds for funding our projects.

Shreya Agarwal, Mumbai

24th June 2015

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Industry experts believe that MMRDA has tapped the market at the right time and is likely to get good fulfillment for the deals. According to market sources, the deals could go up to Rs 130 crore.

Vasanth,

24th June 2015

Hi all,
12 developers including Oberoi Realty have bid for the 3.22 lakh sq-ft of transfer of development rights (TDR) available in city's western suburbs put on block by the MMRDA in the slow market.

Ravindra Singh,

24th June 2015

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Yes, i read this news early this morning. MMRDA has put on block TDR on 3 plots in Goregaon and Jogeshwari. This includes area of 10574.76 sq-mt of Nirlon Park and 9970.49 sq-mt of NESCO, both in Goregaon and 9454.75 sq-mt of Ajgaonkar plot in Jogeshwari.

Saran,

24th June 2015

@Saran,
Saroj Landmark Realty, Kunal Realtors, Aristo Realty Developers, Bhoomi Construwell, Spade Realtors, Sapphire Land Development, Aakash Universa, Valji Sejpal & Co, Steel Plant, Streamline finance & Investment, Blue Diamond Construction Company and Oberoi Realty are the companies that have filed tender documents for that bid.

Ravindra Singh,

24th June 2015

Right Ravindra and the Oberoi Realty has bid for all the 3 plots. As per MMRDA, they have received 14 bids to its e-tender. The financial bids for this auction will be opened on June 25 and after the evaluation of the same winning bidders would be announced.

Saran,

24th June 2015

As we all know that land value in MUmbai is different from other cities in Maharashtra like Pune or Nashik. If the state goes for a regular policy, a person having a TDR for 1 acre of land in Nashik will be able to sell it in Mumbai and realise a much higher price. This will hit the Mumbai real-estate market hard.

Pranab Malakar, Delhi

14th February 2015

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The circular is applicable to all municipal bodies formed under the Bombay Provisional Municipal Corporation (BPMC) Act 1949 or Municipality Act. But the BMC, formed in 1888, has its own Act and policies. Developers say that Mumbai has always got different policies and norms than the rest of the state. The state government should clarify this point, otherwise the TDR lobby will exploit the developers by raising TDR rates.

Saran,

13th February 2015

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At the same time, the proposed draft also wanted to make TDR usage universal in the suburbs. Today, TDR generated can be used only north of that plot. Now it is proposed to be used anywhere in the suburbs by charging a premium based on the the draft circular.

Pranab Malakar,

12th February 2015

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Secondly, the plan to increase FSI for roads 30m wide or more will benefit projects connecting roads like LBS Marg, Swami Vivekanad Road, Jogeshwari-Vikhroli Link Road, Santacruz-Chembur Link Road and Dr E Moses Road. But activists fear this will add more traffic on such roads and defeat the governments move to reduce congestion.

Saran,

12th February 2015

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But with the new proposal, the sale component will fall by 25 to 30%. This is not sufficcient to cover the cost of construction, cost of buying TDR from the market and other incidental costs. Moreover, a builder will not be able to offer additional space to existing owners in new flats.

Pranab Malakar,

12th February 2015

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But developers complained that the new rules will make most redevelopment projects usefulness. Experts say about 40 to 45% of Mumbais road are between (9.15-13.4)m wide. More than 60% of plots in Bandra, Khar, Santacruz, and in town-planning schemes are next to roads of such width.

According to experts a builder carrying out a redevelopment project today can retain 35 to 40% of the total built-up area for free sale with FSI 2.

Saran,

12th February 2015

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The Maharashtra state government has decided to put the proposed uniform Transfer of Development Right (TDR) policy draft on hold and will issue a revised one shortly. The proposed TDR policy had demoralize Mumbais builders because it linked the height of buildings to the width of the roads. While town planners and activists have said that the step can control unceasing construction of tall buildings on narrow roads that pressure the falling down civic infrastructure.

Pranab Malakar,

12th February 2015

Comment