Karnataka govt plans online TDR trading to nix developers’ cartel

karnataka

By Accommodation Times Bureau

The market for transferable development rights (TDR) -which permits additional construction rights to builders -is poised for a digital leap and this could bring bad news for real estate cartels.

Acting on a long-standing demand for breaking the alleged cartelization of TDR by powerful developers, the Karnataka government plans to digitize and dematerialize these certificates and develop a market on the models of stock exchanges. “In the next three months, we plan to introduce electronic format for automated development rights and open it up for online trading to prevent fake TDRs,” said V Ponnuraj, secretary , urban development department.

There are about 1 lakh square metres of TDRs in Bengaluru and Mangaluru, and another 1 lakh square metres of fake TDRs in both cities. TDRs are yet to take off in other cities of the state.





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