Friday, November 24, 2006

After metro cities, now B’lore to implement TDR

After metro cities, now B’lore to implement TDR
New Indian Express

BANGALORE: After Mumbai, Pune and Hyderabad, Bangalore will now implement Transfer of Development Rights (TDR) for orderly growth of the city. TDR will ensure growth without hampering the interests of property owners, a part of whose land would be acquired for road widening.

The latest amendment to the rule will facilitate sale of Development Rights certificate across the city, as property owners were earlier permitted to sell them only within their zone.

Implementing TDR would benefit developers, who despite losing the land, would be able to retain the construction of floor area permitted to them and would get an additional 15 per cent in lieu of the land lost in the form of TDR for future rights.

Karnataka Ownership Apartment Promoters Association (KOAPA), which has been promoting TDR with the Government, was of the opinion that it would also increase the value of the property in view of availability of wide roads.

KOAPA President Balakrishna Hegde told reporters that, currently, there was lack of awareness among property owners on TDR and there is need to increase the same.

Bangalore Mahanagara Palike (BMP) Commissioner K Jairaj had on Tuesday stated that with the formation of Greater Bangalore, the additional floor area provided under the TDR could be used in the entire city.

The BMP planned to employ the scheme in road widening projects to be taken up on 85 roads.


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