In yet another attempt to pace up developmental works in the city, and keep the land losers happy, the state government is now working to revise the Transferable Development Rights (TDR) scheme, and increase it from the existing 2 to 3 times the value of the property (guidance value).
In simpler terms, if you have surrendered 100 sq ft land to the government, now, you can construct a built-up area of up to 300 sq ft. This means three times the value of the property (guidance value).
Earlier, the maximum guidance value in TDR was 1.5 to 2 times. Now, the government wants to make it attractive. The government is keen to make the TDR to a uniform 3, across the board to ease procedures, make way for infrastructure projects, and go vertical.
The decision to increase the TDR was taken at the last Bangalore Development Authority (BDA) board meeting and the Urban Development Department meeting held in the city last week.
The last TDR policy and revised rules were announced in March 2017. But, since then, the response from land losers has been very poor. There have been no takers for TDR, because of which many projects have come to a stand still. Property owners are keen on cash compensation instead. But, the cash-strapped government agencies, Bruhat Bengaluru Mahanagara Palike (BBMP) and the BDA are unable to meet the demand.
“It has been decided to increase the TDR so that people and the government benefit. As the guidance value has been revised, BDA’s Comprehensive Development Plan - 2031, is also getting finalised. A series of projects have been announced. Revising the TDR now will be beneficial,” a UDD source told DH.
With this the government agencies will ascertain how much money can be saved through the cashless compensation method, the acreage, and where it needs to be extended.
At present, the government has prepared a broad guideline that it will benefit to take up works on Bannergahtta Road, Mysuru Road, Tannery Road, Sarjapura Road and even the Peripheral Ring Road. It will benefit the Bangalore Metro Rail Corporation Limited (BMRCL) as well.
According to town planning officials, the government is also working on making the floor area ratio to 3. For all this, the TDR rules need to be amended.
Weary of the rampant illegal activities when TDR was introduced, the UDD will work closely with the revenue department. Continuing with the earlier proposal, guidance value of a property will be considered as the base value while calculating the factorisation principle for the originating and receiving plots in the revised TDR.
