Attitude towards TDR changing in Bangalore
The number of TDR (transferable development rights) certificates issued has seen a sharp increase and people’s attitude towards TDR especially in the suburbs of Bangalore is changing. TDR Bangalore benefit the funds starved BBMP because they obviate cash outflows. Under current rules, every unit of land surrendered entitles the landowner to develop 1.5 times that unit. The landowner can use this right in his property or sell the right.
“Till 2009, only 31 certificates were issued,” said K Jyothi, assistant commissioner TDR and special land acquisition officer, BBMP. But that number has now gone up to 467, translating to a developable area of 55,62,587 sqft. Much of that (26,08,517 sqft) was issued in Yelahanka for land acquired for airport development. Mahadevapura was the second highest at 13,25,868 sqft.
At present, the TDR market is unorganized and certificate holders receive a raw deal. “Developers want rights for spaces ranging from 50,000 sqft to 2 lakh sqft. Many small-time certificate holders sell their certificates for paltry sums, often based on the low guidance value for property in that area,” said Prashanth Sambargi, a partner at realty firm Mars Realty.
“Buyers will receive better prices if BBMP plays the facilitator,” said Ravindra Pai, MD of Century Real Estate.
Ashwin Mahesh, member of the Agenda for Bengaluru Infrastructure and Development Task Force (ABIDe), which is entrusted with the task of monitoring the city’s master plan, said BBMP Bangalore also needs to capture information about how the TDRs are being deployed. The worry is that TDRs will upset the master plan’s objectives.
The plan prescribes the extent of development in specific areas depending on the width of road and other factors. TDRs allow developers to go beyond these stipulated standards. V Ravichandar, who has been associated with city planning, said Bangalore’s TDR market needed better enforcement, so that all parties involved and their actions would become visible.
Attitude towards TDR changing, Bangalore, BBMP Bangalore, TDR, TDR Bangalore, TDR real estate, Transferable Development Rights
