In exchange of the prime sea-facing 12.5 acre Indu Mill land for the Dr Babasaheb Ambedkar memorial, the state government has proposed to give vertical development rights to the owners, National Textile Corporation (NTC).
The vertical development in the form of transfer of development rights (TDR) will be used in south and central Mumbai and is estimated at Rs1,144 crore.
NTC will get TDR on around 16 acres of land, as per the formula worked out, as the floor space index (FSI) allowed is 1.33.
The Maharashtra state government on Wednesday announced that it would bear the cost of setting up the memorial. A separate authority will be set up, which will decide on the further course of action.
An official said the government has allowed this as a special case. According to the Mumbai municipal laws, TDR is offered only in suburbs, north of the original site, and not in south and central Mumbai.
“The state has amended the existing development control rules to offer TDR that can be used in the island city for the NTC,” the official said. The agreement clearly said there would be no commercial exploitation of land at Indu mills.
A special committee of state and central bureaucrats was set up by the prime minister’s office to facilitate the transfer of land.
First the land use, which was marked for industrial in the development plan, had to be changed for the memorial. The state also had to seek approval of the ministry of environment and forests for change of the reservation of the plot as it falls in the Coastal Regulatory Zone (CRZ) II.
Although the state has announced that an architect panel will be appointed, which will work out the project, the initial plan submitted by the government had planned for facilities for pilgrims, a Vipasana centre, a social justice university and a Dr Babasaheb Ambedkar museum.