Latest news with #TDR
Time of India
3 hours ago
- Business
- Time of India
Gujarat government's new policy to enable cross-city transferable development rights
AHMEDABAD : The state govt is putting together a new redevelopment and Transferable Development Rights (TDR) policy that will, for the first time, create a regional development rights market in Gujarat . The policy framework proposes an inter-city TDR framework, allowing cross-city transfer of development rights in Ahmedabad, Surat , Vadodara , Rajkot and other urban centres while addressing various urban challenges. Currently, TDR certificates allow developers to build over and above the permissible floor space index (FSI) under prevalent rules by purchasing unused development rights from other properties or vacant land. "Usually, TDR systems operate within individual municipal boundaries. The new policy's inter-city framework means that a developer in Ahmedabad could potentially use TDR certificates generated from land in Surat. This creates a regional development rights market for the first time," said the UDD official. A senior official from the urban development and urban housing department (UDD) revealed that landlocked properties that cannot be developed due to access or regulatory constraints will be taken up, adding that the new redevelopment and TDR policy will open the floor for solutions to urban challenges like housing through slum redevelopment, repurposing closed factories for modern use, optimizing utility of transport hubs, and converting idle govt land into productive use. City-specific committees will streamlineand fast-track approvals and also oversee the policy's execution . "The policy reduces govt's financial burden by incentivizingdevelopers to undertake redevelopment projects. We will use data analytics to identify optimal redevelopment opportunities," the official added. "The policy will provide TDR rules specific to each redevelopment type," the senior UDD official said. He added, "The policy will define eligible areas, establish valuation methods, and lay down the issuance and usage guidelines. A robust monitoring mechanism will ensure transparency and measurable progress." Officials added that the policy will also consist of special implementation guides — similar to those used in Maharashtra — to aid both civic bodies and developers. TDR has been used in Maharashtra, including Kolhapur, to preserve heritage buildings by compensating owners who are restricted from redeveloping or modifying their properties. These owners receive TDR, which they can sell to developers, thus monetizing their development rights without altering the heritage site.
Time of India
11 hours ago
- Business
- Time of India
New state govt policy to enable cross-city TDRs
Ahmedabad: The state govt is putting together a new redevelopment and Transferable Development Rights (TDR) policy that will, for the first time, create a regional development rights market in Gujarat. The policy framework proposes an inter-city TDR framework, allowing cross-city transfer of development rights in Ahmedabad, Surat, Vadodara, Rajkot and other urban centres while addressing various urban challenges. Currently, TDR certificates allow developers to build over and above the permissible floor space index (FSI) under prevalent rules by purchasing unused development rights from other properties or vacant land. "Usually, TDR systems operate within individual municipal boundaries. The new policy's inter-city framework means that a developer in Ahmedabad could potentially use TDR certificates generated from land in Surat. This creates a regional development rights market for the first time," said the UDD official. A senior official from the urban development and urban housing department (UDD) revealed that landlocked properties that cannot be developed due to access or regulatory constraints will be taken up, adding that the new redevelopment and TDR policy will open the floor for solutions to urban challenges like housing through slum redevelopment, repurposing closed factories for modern use, optimizing utility of transport hubs, and converting idle govt land into productive use. City-specific committees will streamlineand fast-track approvals and also oversee the policy's execution . "The policy reduces govt's financial burden by incentivizingdevelopers to undertake redevelopment projects. We will use data analytics to identify optimal redevelopment opportunities," the official added. "The policy will provide TDR rules specific to each redevelopment type," the senior UDD official said. He added, "The policy will define eligible areas, establish valuation methods, and lay down the issuance and usage guidelines. A robust monitoring mechanism will ensure transparency and measurable progress." Officials added that the policy will also consist of special implementation guides — similar to those used in Maharashtra — to aid both civic bodies and developers. TDR has been used in Maharashtra, including Kolhapur, to preserve heritage buildings by compensating owners who are restricted from redeveloping or modifying their properties. These owners receive TDR, which they can sell to developers, thus monetizing their development rights without altering the heritage site.
Indian Express
2 days ago
- Business
- Indian Express
dharavi redevelopment
DHARAVI REDEVELOPMENT NEWS Dharavi redevelopment: From transit hubs to green spaces, here's what the master plan proposes May 31, 2025 7:32 am The Dharavi redevelopment master plan envisages a multi-modal transport hub, open spaces, mapping of religious structures, and industry clusters. Dharavi master plan proposes 58,532 housing units and 13,468 commercial units for rehabilitation of eligible tenants, residents cry foul May 30, 2025 9:15 am The numbers presented are part of the initial tenement estimates made by the special purpose vehicle that is undertaking the Dharavi redevelopment on the 251.24 hectares of Dharavi Notified Area. Govt approves master plan for Dharavi Redevelopment Project May 29, 2025 12:55 am The approval was granted during a high-level review meeting chaired by Chief Minister Devendra Fadnavis at the Sahyadri Guest House, where Chief Executive Officer of the project SVR Srinivas presented a detailed overview of the plan. Adani's Mumbai slum revamp struggles to secure land in potential setback August 27, 2024 3:37 pm The project started in March with a survey to determine eligibility and its backers are aiming to complete construction in seven years. Dharavi redevelopment project: Survey work of area begins, ID numbers assigned to each house March 21, 2024 4:25 pm The survey began with each house being given a unique number and will be followed by a laser survey — also known as Lidar survey, a remote sensing method that uses rapid light pulses from a near-infrared laser to collect measurements — of each lane. Survey for Dharavi redevelopment project to begin on March 18 March 11, 2024 10:30 pm The data will be used by the state government to determine their rehabilitation eligibility criteria under the proposed redevelopment project. Dharavi redevelopment: No undue favour to Adani Group, tender process was transparent, Maharashtra tells HC August 31, 2023 12:56 am The government also told the court that it is a "false and baseless" allegation that the cancellation of the old tender was politically motivated All changes made to benefit Adani: Congress alleges TDR scam in Dharavi redevelopment scheme July 30, 2023 2:38 pm Congress MLA Varsha Gaikwad alleged that all the changes are being brought to ensure a profit to Adani Dharavi redevelopment: Provide 400 sq ft homes for all residents, AAP lists key demands July 25, 2023 6:21 pm Aam Aadmi Party vice-president Sandeep Katke said a new survey must be conducted if the government genuinely aims to redevelop Dharavi. Dharavi redevelopment: HC allows Seclink Technologies to challenge formal award of project to Adani group July 19, 2023 1:30 pm The Bombay High Court will hear the Dubai-based firm's challenge on August 7.
Time of India
2 days ago
- Business
- Time of India
Experts peg free sale portion in Dharavi at 140 m sq ft
Mumbai: Property experts estimate a free sale component of roughly 140 million sq ft to be unlocked by the Dharavi redevelopment plan, yielding revenues of Rs 1.2-1.7 lakh crore for the joint venture between the state govt and the Adani group . Said Anuj Puri, chairman, Anarock Group, "At a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million of overall saleable area for sale on the open market, with a separate allotment for rehabilitation of the current inhabitants. We are roughly looking at over Rs 1 lakh crore of gross revenue. The anticipated profit margins are anywhere between 18–25%. It is also important to note that the Dharavi redevelopment project permits the developer to monetize TDR, or Transferable Development Rights, as well as commercial spaces. '' Nav Bharat Mega Developers is a special purpose vehicle between the Adani Group and the state for Dharavi's revamp. Total rehab cost including housing units for eligible beneficiaries and other for affordable rental housing is projected at Rs 95,790 crore, of which construction cost will be Rs 23,800 crore. This factors in the cost of building and handing over 72,000 units free of cost (residential rehab units, residential renewal units, commercial and industrial rehab units and commercial renewal units). Since 270 acres have been demarcated as net developable area, all the land left over after providing 72,000 units will be available to develop in the free sale component. Pankaj Kapoor, MD of Liases Foras, a realty research firm, said he expects profit margins to be 25-30%. "This is on a projected revenue of Rs 1.2 lakh crore to Rs 1.7 lakh crore from the sale component at average market price of Rs 25,000 a sq ft,'' he added. "Projected saleable area is expected to range between 40.7 million sq ft and 60 million sq ft, depending on extent of FSI utilized for the rehabilitation portion," said Kapoor. However, he cautioned that the project's seven-year completion timeline was "highly ambitious''. "To stay on track, achieving annual sales of approximately 6.5 to 9 million sq ft will be a challenge and necessitate highly competitive pricing,'' he said. Architect Alan Abraham said at Rs 95,000-plus crore, the Dharavi project is cheaper than the bullet train, only 3x the cost of Mumbai Metro 3 and 6x the cost of the coastal road. "It seems really inexpensive to transform our city centre, to better the lives of millions of our citizens. If the development of Dharavi is so important to our city, then I wonder why the govt couldn't just do this themselves - while keeping these and the additional lands public, and earning all the revenue from the TDR,'' he said. "In my opinion, the sale price of the Dharavi project will exceed those in Bandra-Kurla Complex, and perhaps even Linking Road,'' he added. Aditya Thackeray, Shiv Sena (UBT) leader, said the Adani Group was given incentives for this project in the form of 1,300 acres across the city free. "BMC is being denied a premium of Rs 7,500 crore for its land and the TDR incentive." He said the MVA govt showed a better model of redevelopment for BDD chawls through a govt agency.
Time of India
3 days ago
- Business
- Time of India
'Dharavi likely to unlock 140m sqft free sale portion'
MUMBAI: Property experts estimate a free sale component of roughly 140 million sq ft to be unlocked by the Dharavi redevelopment plan, yielding revenues of Rs 1.2-1.7 lakh crore for the joint venture between the state government and the . Tired of too many ads? go ad free now Said Anuj Puri, chairman, Anarock Group, "At a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million of overall saleable area for sale on the open market, with a separate allotment for rehabilitation of the current inhabitants. We are roughly looking at over Rs 1 lakh crore of gross revenue. The anticipated profit margins are anywhere between 18-25%. It is also important to note that the Dharavi redevelopment project permits the developer to monetize TDR, or Transferable Development Rights, as well as commercial spaces. '' Nav Bharat Mega Developers is a special purpose vehicle between the Adani Group and the state for Dharavi's revamp. Total rehab cost including housing units for eligible beneficiaries and other for affordable rental housing is projected at Rs 95,790 crore, of which construction cost will be Rs 23,800 crore. This factors in the cost of building and handing over 72,000 units free of cost (residential rehab units, residential renewal units, commercial and industrial rehab units and commercial renewal units). Since 270 acres have been demarcated as net developable area, all the land left over after providing 72,000 units will be available to develop in the free sale component. Pankaj Kapoor, MD of Liases Foras, a realty research firm, said he expects profit margins to be 25-30%. "This is on a projected revenue of Rs 1.2 lakh crore to Rs 1.7 lakh crore from the sale component at average market price of Rs 25,000 a sq ft,'' he added. Tired of too many ads? go ad free now "Projected saleable area is expected to range between 40.7 million sq ft and 60 million sq ft, depending on extent of FSI utilized for the rehabilitation portion," said Kapoor. However, he cautioned that the project's seven-year completion timeline was "highly ambitious''. "To stay on track, achieving annual sales of approximately 6.5 to 9 million sq ft will be a challenge and necessitate highly competitive pricing,'' he said. Architect Alan Abraham said at Rs 95,000-plus crore, the Dharavi project is cheaper than the bullet train, only 3x the cost of Mumbai Metro 3 and 6x the cost of the coastal road. "It seems really inexpensive to transform our city centre, to better the lives of millions of our citizens. If the development of Dharavi is so important to our city, then I wonder why the government couldn't just do this themselves - while keeping these and the additional lands public, and earning all the revenue from the TDR,'' he said. "In my opinion, the sale price of the Dharavi project will exceed those in Bandra-Kurla Complex, and perhaps even Linking Road,'' he added. Aditya Thackeray, Shiv Sena (UBT) leader, said the Adani Group was given incentives for this project in the form of 1,300 acres across the city free. "BMC is being denied a premium of Rs 7,500 crore for its land and the TDR incentive." He said the MVA government showed a better model of redevelopment for BDD chawls through a government agency.
