Latest news with #TDRs
Time of India
a day ago
- Business
- Time of India
TDR scam: Bengaluru zonal office of Directorate of Enforcement issues provisional attachment order for assets worth Rs 4 crore
Bengaluru: The Bengaluru zonal office of the Directorate of Enforcement (ED) Thursday issued a provisional attachment order for assets worth over Rs 4 crore in connection with the Transferable Development Rights (TDR) scam allegedly involving Valmark Realty Holdings Private Limited (VRHPL) and certain BBMP officials. The attached assets include land and flats belonging to TDR brokers and fake owners, ED said. TDR refers to an award specifying the built-up area an owner of a site or plot can sell or use elsewhere in exchange for land surrendered free of cost to an urban local body for public purposes such as road widening or recreation zones. The investigation is based on an FIR registered by the now-defunct Anti-Corruption Bureau (ACB). As per the chargesheet, VRHPL, represented by its director, Ratan Lath, obtained development right certificates and sold the TDRs to real estate companies and individuals, making an illegal gain of Rs 27.7 crore. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru | Gold Rates Today in Bengaluru | Silver Rates Today in Bengaluru Earlier, ED searched nine premises, including VRHPL's office, the director's residence, and properties linked to builders, brokers, and fake TDR applicants. These searches revealed the role of TDR brokers and previous owners. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Under the Prevention of Money Laundering Act (PMLA), 2002, ED seized materials showing the distribution of the proceeds: VRHPL retained nearly Rs 17.5 crore, while brokers BS Surendranath, K Gautham, and K Suresh received Rs 3.5 crore, Rs 3.4 crore, and Rs 3.3 crore, respectively. The heirs of the late Revanna, a previous owner, received about Rs 2.7 crore from VRHPL's share. The funds were routed through multiple accounts before being used for real estate purchases and business expenses. ED said the probe so far points to a conspiracy involving brokers, VRHPL, and BBMP officials, who facilitated mutation in favour of previous owners despite the land already being converted into a revenue layout and occupied by third-party buyers. BBMP allegedly issued grossly inflated TDRs based on fabricated mahazars and valuation reports, without taking possession of the land, in violation of its own circulars. Similar fraud is suspected at other sites notified for public purposes, which ED is now examining. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
07-07-2025
- Business
- Time of India
Bengaluru: Prestige Group to construct a private flyover near ORR. Check areas it will connect, length and other details
Tired of too many ads? Remove Ads BBMP clears project with rider on public access Approval followed discussions with Deputy CM Tired of too many ads? Remove Ads Tech park plan got earlier nod, flyover took longer Additional road to reduce commute to Sakra Hospital Road In a move to ease traffic around its upcoming tech park in Bellandur, Prestige Group has received approval from the Bruhat Bengaluru Mahanagara Palike (BBMP) to construct a 1.5-km elevated flyover linking the project site directly to Bengaluru's Outer Ring Road. The entire cost of the project will be borne by Prestige, and the flyover will be open to the general public, not just the company's to a Deccan Herald report, the BBMP has allowed the flyover to be built on public land on the condition that Prestige will fund and execute the widening of Kariyammana Agrahara Road, a known traffic bottleneck. The proposed flyover will run parallel to an existing public road and pass alongside a stormwater initially approached the civic body in August 2022 and revised its proposal in late 2023, citing heavy congestion on nearby approach roads, including Old Airport Road via Yemalur and Kariyammana Agrahara Road. The tech park under construction, named Prestige Beta Tech Park, is expected to host more than 5,000 employees once BBMP granted formal clearance for the flyover in April 2025. The approval reportedly followed discussions with Karnataka's Deputy Chief Minister D K Shivakumar. Under the agreement, Prestige will also be eligible for Transferable Development Rights (TDRs) in exchange for any land it surrenders for public road expansion, provided all legal norms are have made it clear that the elevated road must be accessible to all commuters and not restricted to the tech park's while the 70-acre tech park site received its building plan approval from the Bangalore Development Authority (BDA) in September 2023, the flyover's clearance was delayed by nearly a year. The delay highlights the additional regulatory scrutiny that infrastructure projects involving public land often addition to the flyover, Prestige will also construct a 40-foot-wide connector road that will reduce the distance to Sakra Hospital Road by around 2.5 km.
Hindustan Times
07-07-2025
- Business
- Hindustan Times
Prestige Group to build 1.5-km flyover in Bengaluru linking Bellandur to ORR to ease traffic congestion: Report
Prestige Group is moving ahead with plans to construct a 1.5-km elevated roadway that will link its under-construction tech park in Bellandur directly to the Outer Ring Road (ORR) in Bengaluru. The flyover will run alongside a public road and skirt a stormwater drain, the Deccan Herald reported. Vehicles on a flyover after easing of restrictions of Covid-19 lockdown, in Kolkata on Tuesday.(PTI Photo) The project has received the green light from the Bruhat Bengaluru Mahanagara Palike (BBMP), Bengaluru's civic agency. In exchange for permission to build on public land, Prestige has committed to widening the congested Kariyammana Agrahara Road and will fund the flyover entirely from its own resources, the report stated. READ | 'What kind of mafia nonsense is this?': Bengaluru commuter's rant over cab chaos goes viral Prestige first submitted a proposal to the BBMP in August 2022, followed by a revised request in late 2023. The company cited severe congestion on the key approach roads, namely Old Airport Road via Yemalur and Kariyammana Agrahara Road, as justification. The upcoming Prestige Beta Tech Park is expected to accommodate more than 5,000 workers once operational. Approval came through in April this year, reportedly after consultation with Deputy Chief Minister D K Shivakumar. BBMP officials have stipulated that the new flyover must remain open for general public use, not just for Prestige employees. The firm is also eligible for Transferable Development Rights (TDRs) in return for land ceded for road expansion, provided all legal criteria are met. READ | Bengaluru men lose over ₹2 crore in WhatsApp-based stock market scam: Report Interestingly, the flyover's approval lagged nearly a year behind the sanctioning of the tech park's building plan. The site, spanning 70 acres, received its initial clearance from the Bangalore Development Authority (BDA) in September 2023. The Technical Director at Bengaluru Smart Infrastructure Ltd confirmed the project's approval and noted that Prestige will also fund a new 40-foot-wide connector road, according to the report. This road will shorten travel distance to Sakra Hospital Road by about 2.5 km, he said, framing the initiative as part of a broader push for public-private collaboration in infrastructure development.
Hindustan Times
19-06-2025
- Business
- Hindustan Times
State seeks details on ₹1,500 Cr TDR approved by former Pune civic chief
The Maharashtra urban development department (UDD) has sought information from the Pune Municipal Corporation (PMC) over the issuance of transfer of development rights (TDR) worth nearly ₹1,500 crore, sanctioned by former municipal commissioner Rajendra Bhosale just before his retirement on May 31. A senior official said the UDD department has asked PMC to submit records and explanations about the approvals, which have sparked widespread criticism from citizens, activists, and political leaders. According to records published by PMC, Bhosale approved TDR within days before stepping down from office, raising eyebrows over the timing and the beneficiaries. Seven private builders had reportedly submitted proposals to the civic body seeking additional floor space index (FSI) by using the TDRs in question. 'This appears to be an attempt to benefit a few developers in a hurry. We had already raised concerns about the sudden spurt in TDR issuance, and now they are lining up for FSI clearances,' said BJP leader Ujwal Keskar. He said the UDD secretary had personally contacted the municipal commissioner's office for a detailed explanation. The TDR mechanism is intended to compensate landowners whose properties are reserved for public amenities by allowing them development rights that can be sold or used elsewhere. However, critics argue that the process under Bhosale lacked transparency and could lead to undue benefit to certain builders. Civic activists have questioned whether due diligence was followed in approving the TDRs, and why such a large quantum was cleared so close to the end of the commissioner's tenure. Allegations include lack of proper scrutiny, selective approvals, and attempts to push through the proposals without public consultation. 'Former municipal commissioner Rajendra Bhosale single-handedly opened a ₹1,500 crore TDR market under his authority. He sidelined the very existence of the 'City Improvement Committee',' said Vijay Kumbhar, RTI activist. Bhosale was unavailable for comments. The state government's intervention is likely to result in a formal review. According to PMC sources, documentation related to TDR approvals is being compiled for submission to UDD. The controversy comes at a time when Pune is already facing scrutiny over the misuse of development tools like TDR and premium FSI, which many claim have led to unplanned growth and burdened civic infrastructure.
Time of India
13-06-2025
- Politics
- Time of India
State cancels TDR worth 208 cr in Vizag
1 2 Visakhapatnam: Andhra Pradesh govt has cancelled the controversial transferable development rights (TDR) valued at 208 crore in Revallapalem, Visakhapatnam. The TDR was allegedly issued illegally for land acquired for the construction of an 80-feet road from Madhurawada to Revallapalem via Navodaya school. Jana Sena corporator P Murthy Yadav said that he had lodged a complaint regarding the issue with the state municipal administration and urban development minister, P Narayana, during the minister's recent visit to Vizag. "I thank the minister for the prompt response and for cancelling the TDR," said Murthy Yadav. According to a govt memo issued on June 5, it was initially directed that TDR be considered and issued to property owners for the formation and development of the 80-feet-wide master plan road, namely Bakkannapalem road. However, following adverse media reports concerning the issuance of TDRs, the GVMC commissioner was requested to re-examine the matter with reference to certain aspects, including ownership, valuation of TDR, and the extent of land affected. Furthermore, the director of town and country planning, Mangalagiri, submitted that despite repeated directives, GVMC had not yet taken the necessary action. Meanwhile, adverse news reports continue to surface, raising concerns related to govt land involvement and discrepancies in the ground report submitted by GVMC, among other issues. Consequently, state govt has directed the GVMC commissioner to cancel the previously issued TDR and initiate a fresh review by placing the matter before the TDR committee. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
