Mumbai: New policy brings down TDR, flat owners’ hopes of revamp
The new policy, which links the transfer of development rights (TDR) to the width of adjoining roads, will only mean lower FSI and buildable area, claim tenants and flat owners, whose structures will now go for redevelopment.mumbai Updated: May 01, 2015 22:45 IST
The new policy, which links the transfer of development rights (TDR) to the width of adjoining roads, will only mean lower FSI and buildable area, claim tenants and flat owners, whose structures will now go for redevelopment.
A TDR is generated when a landowner or developer surrenders his land for public purpose and offers to re-house slum dwellers or those displaced by the infrastructure projects for free.
In return, he gets the right to construct a proportional area to the north of this plot. TDR is an important component in the revamp in suburbs, as builders use it to double the existing FSI of 1 to 2.
According to the new policy, the builder will get a TDR of 0.5, instead of the existing 1, if the width of the adjoining road is 9-12m; and a TDR of 0.75, if the road is 12-18-m wide. As most of the roads are narrow, builders will have to make do with reduced TDR.
“Builders have told us they cannot sustain their projects with lower FSI. They are here to make money and will not take up a project if it means loss,” said Vinod Yadav, a resident of Ashokvan, Dahisar.
“Why are we being punished for a narrow road built by the authorities? It is the responsibility of the government to provide us better facilities, but instead we are paying the price for the flaws in their policy,” said Jahaanvi Faraad, a Goregaon resident.
“Residents negotiate with the builders for years to get the best deal. When the government resorts to such measures, the entire scheme gets derailed,” said Ramesh Prabhu, chairman, Maharashtra Societies Welfare Association (MSWA), an association of flat owners, adding they will report their objections.
“We have to rehouse the existing tenants, give them corpus funds, pay the landlords as well as pay the government premiums and taxes. If you reduce our sale component, the project becomes unviable for us,” said Bhavesh Sanghrajka, chairman and managing director, Shraddha Lifespaces.
First Published: May 01, 2015 22:44 IST