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Higher incentive for owners giving up their plots in city
In a bid to make more playgrounds and recreation grounds available to the space-starved city, the Brihanmumbai Municipal Corporation (BMC) has decided to offer more compensation to landowners whose plots are being acquired to maintain open spaces demarcated in Mumbai’s development plan.
In a bid to make more playgrounds and recreation grounds available to the space-starved city, the Brihanmumbai Municipal Corporation (BMC) has decided to offer more compensation to landowners whose plots are being acquired to maintain open spaces demarcated in Mumbai’s development plan.
The BMC has proposed that plot owners be compensated with greater transfer of development rights (TDR), which will encourage them to surrender ownership and not cause undue delays.
The BMC’s plan suggests that owners be given 1.3 times the plot’s potential as the TDR as opposed to the current 1 — a 30% increase. The BMC also wants to ensure that the TDR the owners get is based on the market value of the plot (as per the Ready Reckoner). The proposal is awaiting the state’s nod, after which it will be implemented.
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