Curation Team
MUMBAI: The online TDR exchange of the BMC was recently inaugurated by chief minister Devendra Fadnavis and deputy chief ministers Eknath Shinde and Ajit Pawar.
The ‘e-TDR System‘ will ensure effective implementation of the Development Plan and provide clear information to landowners regarding the purchase of Transferable Development Rights (TDR).
The marketplace, inaugurated on Tuesday, will facilitate the buying and selling of TDR and manage financial transactions via a nodal bank, which is the SBI. All Development Rights Certificates (DRC) will be dematerialised and maintained in an electronic format. The initiative aims to boost transaction volume, thereby increasing demand for TDR. Common citizens will also be able to buy Transferable Development Rights (TDR) as an investment.
The creation of the marketplace is expected to help bring transparency to the sale of TDR. Additionally, individual societies or flat owners will now be able to purchase small amounts of DRC for regularisation or extension purposes without relying on brokers. Special Planning Authorities or civic bodies such as the BMC grant DRC as compensation when they acquire land from landowners as part of reservation or for infrastructure projects.
The holder of the DRC has the option to sell or otherwise transfer the TDR, either fully or partially, to another party. TDR allows developers to build above the permissible floor space index (FSI), subject to restrictions of a particular location or area.
