Tying TDR

Tying TDR
By Sanjay Chaturvedi

Mumbai,  28 June 2004
State government is under obligation to honor TDR issued by it. The holder of TDR certificate are in panic after Hon. Bombay High Court’s reservation on the decision on TDR use between S.V. Road till western express highway, while railway line falls in between, and LBS Marg till Central railways line.
While settling road, slums and other FSI, TDR are issued for consumption of FSI on north direction. The compensation other than cash has to be honoured. Failure of providing infrastructure in areas of consumption must be provided by the state government.
Such failure must not penalise the TDR holders. And it was only the case of a particular area which now has impact on other areas. BMC has now awakened from hibernation, and decided to appeal the Hon. Court. Lakhs of sq.ft. are floating in the market for ultimate consumption.
Projects falling in such areas are badly effected since the calculations were done taking TDR into account.
Restriction on height is already imposed by authorities in these areas. There is no scope, at large, to enhance the FSI also. After such ban, it is likely that rates in the area will shoot 100%,. Under construction projects, which are on the verge of purchasing TDR from SPPL, MHADA or from else-where, will stop completely since the plans and logistics will be failing to carry on further work.
The city of Mumbai has many restrictions for development. CRZ, for instance, is killing the living space for further development. Clear environment is everybody’s concern, but providing better settlement for human should be priority. When Dubai can construct massive construction in sea. Why can’t Mumbai ?
Since matter of TDR is in the most respected court, the rules and provisions of the law will prevail.
According to Mr. Anil Sejpal, a leading TDR consultants, the rates of TDR has increased by Rs. 150/- a sq.ft. Entire TDR stock was sold within two days of the court’s intention to ban on some receiving zones. There are no TDR available in the market. He also said that the ban will be considered liberally since DC rules were amended for slum TDR and for receiving zones.
Mr. Gopal Pamnani, sold lakh of sq.ft. of TDR in the city and is purely dealing in TDR said “The Slums will never improve if such ban is imposed. For instance, slums near Khar west will never improve. No builder will come in the locality. The condition will be worst. I have sold TDR of Rs. 475/- per sq.ft. 15 days before and now it is Rs. 650/-. People are disturbed. The law must recognize the human angle to resolve the issue. Authority must protect the right of TDR receiving zones, he added.

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