By Accommodation Times News Services
New revised Draft DCR 2034 for Mumbai announed on 8th May 2016 to be notified in due course have reduced consumption / absorption of TDR. Transfer of Development Right (TDR) generated through various methods like Road, Slums, heritage are obligatory for Mumbai Municipal Corporation to honour and permit its consumption.
But new DCR has reduced it to 0.50% of total FSI of the plot. It was previously allowed as 1 but now it is reduced. Say a plot is 100 sq ft. previously TDR was 1 hence once can construct 200 sq ft ( 100 sq ft plot FSI treated as one and plus TDR of 100% of plot FSI). The remaining TDR of 0.50%, you need to pay premium to state government to get it. That means state government in the name of TDR have increased FSI to .5 to earn premium out no where. Neither state government has ever generated TDR not it was party to FSI. But now to get that extra .5 FSI you need to pay state government and that too on Stamp Duty Reckoner rates. TDR was available in the market forRs3200 to Rs4800/- and it varies on market forced. But state government has fixed .5 as TDR and .5 as additional FSI on premium to be paid to state government.
The property rates are bound to enhance with such proxy revenue earning by state government of Maharashtra.