MMRDA to make 3.22 lakh sq. ft TDR available

Q: What is TDR and how much land is available for TDR in Mumbai?

Supratim,

29th May 2015

Real estate News in Mumbai

mumbai real estate

mmrda

real estate news

tdr

transfer of development right

property price in goregaon

property price in jogeshwari

Follow Discussion

Also see discussions for

Mumbai Real estate News Real estate News in Mumbai

Replies (4)

Good evening friends,
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.

Miraniyatin, Mumbai

24th June 2015

Comment

Good evening Miran,
As per the Industry experts, 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.

Neeraj Rao,

24th June 2015

Good evening everyone,
The Mumbai Metropolitan Region Development Authority has put on block TDR on three plots in Goregaon and Jogeshwari. And developers gather to buy TDR from MMRDA. It is expected that this deal may get Rs 130 crore.

Dhiraj,

24th June 2015

Comment

Right Dheeraj,
There were 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 as the real estate market sentiment is low.

Govinda,

24th June 2015

@Govinda,
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 leading companies that have filed tender documents for that bid.

Dhiraj,

24th June 2015

Right Dhiraj 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.

Govinda,

24th June 2015

Hi everybody,
Earlier in 2003 and 2005, The MMRDA had generated the TDR by rehabilitating slum dwellers at its own cost on government land at two plots in Goregaon and one in Jogeshwari for infrastructure development under the Mumbai Urban Transport Project and the Mumbai Urban Infrastructure Project.

Shaunak Verdla, Mumbai

29th May 2015

Comment

Do MMRDA get construction TDR from the Municipal Corporation in return for building tenement for slum dwellers?

Samrat,

29th May 2015

Yes, MMRDA also gets construction TDR from the municipal corporation in return for building tenements for slum dwellers displaced by various infrastructure projects like private developers who rehabilitate slum dwellers,

Shaunak Verdla, Mumbai

29th May 2015

How much TDR, MMRDA have at present and when are they going to sell this?

Samrat,

29th May 2015

Currently, MMRDA has total 1 lakh sq- mt. in TDR. They will decide on selling it in phases depending on the response and the rate that they get on this first sale of 30000 sq-mt. (3.22 lakh square feet). The development authority had advertised this TDR for sale on two occasions in 2010-11 at a reserve price of Rs 3000 per sq-ft.

Shaunak Verdla, Mumbai

29th May 2015

But as per the development authority, this is the first time their efforts drew a blank as it did not receive even a single bid, while the second time, the authority could not get a good rate.

Samrat,

29th May 2015

Hi Supratim,
TDR is a process that allows transfer of possible development on a plot of land after it touches a limit to another specific area.

As per the latest news, city's development authority is looking to sell more than 3.22 lakh sq-ft. in buildable area in the western suburbs through Transfer of Development Rights worth about Rs 112 crore as per existing market rates.

Javed,

29th May 2015

Comment

Thanks Javed,
What is the current property rate in Goregaon and Jogeshwari? How much TDR MMR gain after developing of slum areas in Western Suburbs?

Samrat,

29th May 2015

Well Samrat,
TDR generated from projects in Goregaon and Jogeshwari, which demand property prices of more than Rs 10000/sq-ft, could bring the Mumbai Metropolitan Region Development Authority a price in the range of Rs 3500 to Rs 4000/sq-ft.

Javed,

29th May 2015