Latest news with #TransferableDevelopmentRights
Time of India
18 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
a day 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.
Time of India
3 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.
New Indian Express
4 days ago
- Business
- New Indian Express
SC order on Transferable Development Rights to Mysuru royal family interim justice: Minister HK Patil
BENGALURU: Law Minister HK Patil termed the Supreme Court order keeping in abeyance the earlier four orders on Transferable Development Rights (TDR) worth Rs 3,400 crore to the Mysuru Royal family as interim justice. The SC three-judge bench restrained the parties from using the TDR already issued by the government to the legal heirs of the Royal family against the utilisation of 15.36 acres of land on the Bengaluru Palace Grounds until outcome of the final adjudication in August. 'To avoid further complications, the consequential effect of the Order of the SC dated 10.12.2024, 22.05.2025, 17.05.2022, and 9.03.2024 shall be kept in abeyance. This interim arrangement is without prejudice to the rights of the parties,' he quoted the order. 'The hearing will start in August, and we expect that the state will get justice in the final judgment', he said while addressing the press. 'Having regard to the issues involved and to protect the interests of both sides, CA 3303/1997, and all proceedings arising there from are listed for final hearing in the week commencing August 18. As an interim measure, all the TDR issued in contempt order should be retained in the registry of this Court, and those handed over to the applicants are directed not to utilise or sell the DRC (Default Risk Capital) till further orders', the order stated. 'It is made clear that no third-party interest or personal benefit should be made by the release of the TDR. The Review petition filed by the applicants - state shall be listed before the bench in the week commencing 21st July 2025. The interim directions are subject to the outcome of the review petition. However, if the review petition is declined, the interim directions shall continue in force for four weeks from the date of passing such order or till it is heard by the three-judge bench, whichever is later,' it clarified.
