Legal Question in Real Estate Law in India

30.05.2012

Dear Sir / Madam,

TDR, introduced in 1991, is a compensation given to private land owners whose properties are reserved by the BMC for public amenities like parks and playgrounds. The owner receives equivalent construction rights which can be used anywhere north of the plot he has surrendered.

A BMC proposal seeks to completely overhaul the transfer of development rights (TDR) policy to make it more equitable, in a move that is expected to have far-reaching repercussions on the city's development plan.

Plan says TDR must not be restricted to suburbs. Move to check lopsided development and quicken land acquisition for public welfare Owners to get 1.3 times the plot potential as TDR Non-cessed buildings in island city to get extra 1.33 FSI as TDR Ready reckoner rates of area to determine TDR.

The BMC has now proposed that land owners be offered 1.3 times the plot potential as TDR. This will ensure that compensation is in line with the actual market value, or marginally less or more ...the development plan will get implemented speedily without financial cost to the BMC and land acquisition will not be long-drawn.

From the above facts, you are certainly entitled to take transfer of development rights of your property.

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Regards,

It is better for you to approach the local counsel and act according to his advice

May be.