In a bid to boost conservation of heritage buildings, the Mumbai Heritage Conservation Committee on Thursday cleared the proposal to index transfer of development rights (TDR) that a heritage structure gains from a property, equate it monetarily according to rates prevalent in the area and grant TDR based on that value.
The committee hopes that this proposal will discourage the owners of listed buildings to undergo re-development and use the TDR to generate funds to maintain the buildings.
The Hindustan Times had reported about the move on Thursday. “The guidelines will be sent to the government for approval,” said Dinesh Afzulpur-kar, chairman of the committee.
The move will benefit more than 1,500 listed buildings, including heritage precincts, especially in the south Mumbai and also ensure that the owner gets more TDR from the same property than he would if the rights were given without indexing them financially.
In the absence of these guidelines, over 40% of grade III buildings have been lost to make way for a high-rise under these development rules.
“Earlier we were losing out as the bargain that we were giving the owners was not lucrative, now after indexing the TDR and equating it to market value we will be able to refrain owners from re-development," said Afzulpurkar. This means there would be more FSI available for new constructions in the suburbs or in Thane. The TDR can be used to the north of the property but not in the island city.