Plot owners may get double TDR for giving land for public use

Q: Hi, what incentives are being given for plot owners giving their land for public use in Mumbai?

Ravindra Singh,

27th March 2015

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Replies (6)

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.

Kaushik Bardia,

24th June 2015

Comment

Right Kaushik,
And 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.

Anuj Gupta, Mumbai

24th June 2015

Hi everybody,
Even as the current sentiment in the real estate market continues to be low but 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.

Anuj Gupta, Mumbai

24th June 2015

Comment

Right Anuj,
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.

Diwakar Shetty,

24th June 2015

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.

Anuj Gupta, Mumbai

24th June 2015

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 are for that bid.

Diwakar Shetty,

24th June 2015

Right Ravi,
Simultaneously, the CM also announced that in case of police housing schemes, which are allowed a 4 floor space index, they will be allowed to sell 1/3rd of the housing stock to generate funds for their own projects.

Mansoor Bithal, Mumbai

29th March 2015

Comment

You don't need to worry Suresh as for housing mill workers, the government has worked out a "swapping" scheme, where a smaller MHADA land allotted for their housing will be swapped with larger recreation ground plots available with the BMC.

Ravi Waghmare, Mumbai

28th March 2015

Comment

@Diwakar,
Perhaps it has become difficult for corporations to acquire spaces and most development plans remain incomplete. In the new TDR policy, they are giving an incentive to people to give us their land.

Suresh,

27th March 2015

Comment

@Suresh,
However, there be a top on how this incentive TDR can be utilized. For this, the administration will get the idea of indexing TDR, which is a government asset. It will be connected to the ready reckoner rate.

Diwakar Shetty,

27th March 2015

At the same time CM also assured that no one can use the TDR acquired in an area with low real estate ready reckoner rate in another with a high one. They won't allow anybody to earn the gains.

But i am little worried about the housing mill workers. Is there any initiative take by the CM for the benefit of those mill workers in new TDR Policy?

Suresh,

27th March 2015

Hi, As Mumbai battles with troubles in acquiring thousands of acres of land implied for public amenities because of absence of funds, Maharashtra Chief Minister said owners who surrender land reserved for amenities will get double the incentive as transferable improvement rights (TDR).

Suresh,

27th March 2015

Comment

Right Suresh,
The CM also announced a ‘land-swapping’ scheme to kick off rehousing of mill land workers stuck for over a decade. For example, a plot owner whose land is reserved for a hospital, will get a 100% increase in the TDR for giving up the space. This will be twice the plot potential.

Diwakar Shetty,

27th March 2015