As Mumbai battles with difficulties in acquiring thousands of acres of land meant for public amenities because of lack of funds, Maharashtra chief minister Devendra Fadnavis said owners who give up land reserved for amenities will get double the incentive in the form of transferable development rights (TDR).
The CM also announced a ‘land-swapping’ scheme to kick off rehousing of mill land workers – stuck for over a decade.
For instance, a plot owner whose land is reserved for a hospital, will get a 100% increase in the TDR for giving up the space. This will be twice the plot potential. This, the government hopes, will encourage land owners to give up their spaces.
“It has become difficult for corporations to acquire spaces and most development plans remain incomplete. In the new TDR policy, we are giving an incentive to people to give us the land,” Fadnavis told the legislative Assembly on Wednesday.
However, there be a cap on how this incentive TDR can be used. For this, the government will bring in the concept of indexing TDR, which is a government resource. It will be linked to the ready reckoner rate.
“So, no one can use the TDR acquired in an area with low real estate ready reckoner rate in another with a high one. We won’t allow windfall gains,” the CM assured.
For housing mill workers, the government has worked out a ‘swapping’ scheme, where a smaller MHADA land allotted for their housing will be swapped with larger recreation ground plots available with the BMC.
“Small spaces were making it impossible for the projects to take off,” Fadnavis said.
The CM also announced that in case of police housing schemes, which are allowed a 4 floor space index (FSI), they will be allowed to sell 1/3rd of the housing stock to generate funds for their own projects.