Maha govt links TDR with land prices
The TDR has been indexed with the land prices as per the ready reckoner (RR) Rates
May 21, 2015
Source : The Economic Times(ETRealty.com)

 

NAGPUR: Alarmed by the lopsided development of cities, the state government has decided to completely change the system of transfer of development rights (TDR). The TDR has been indexed with the land prices as per the ready reckoner (RR). This will help reduce the land prices and converted TDR into currency. The zoning system will also be abolished.
 
The TDR will be loaded in the ratio of price difference of generating area's RR price and receiving area's RR price. The TDR will no more help average cost of land per sq ft of saleable area. The extra buildable area, which uses to be available at around one third the land price, will no longer be available and buildable area will be available at RR price only.
 
This can be understood by an example. If the rate of land in a posh area say X is Rs6,000 per square feet and that in a down market locality Y is Rs2,000 a square feet. Presently, the cost of TDR is determined by land prices prevailing in Y - Rs2,000 a sq ft. Now, it will be determined by land rate in X locality - Rs6,000 a sq ft and the builder will have to pay three times more TDR in Y.
 
Secondly, TDR cannot be loaded uniformly on all widths of roads. TDR cannot be loaded on roads below 9.0m. Maximum FSI permissible on roads 9-12 m wide will be 1.5, on 12-18 me wide roads it will be 1.75; on roads 18-24 it will be 2.0.
 
Architect Virendra Khare welcomed these modifications and said they would help decongest the city and allow new areas to develop. Also, the crippling city infrastructure will be saved. "The overall impact will be reduction in land cost in existing areas of city. Since it will not be a feasible proposition to buy land at current price. The prevailing per square feet cost of apartment is already skyrocketing. It just can't go beyond this," he said.

Latest Realty News

Motilal-Oswal-real-estate-arm-raises-Rs-500-crore-fund
May 21, 2015
MUMBAI: Motilal Oswal Real Estate, the real estate arm of Motilal Oswal Private Equity, has raised Rs 500 crore through its second property fund
Brigade-Enterprises-to-double-revenue-from-home-sales-in-3-years
May 21, 2015
BENGALURU: Realty firm, Brigade Enterprises is expected to double its revenue from the residential segment
High-cost-of-flats,-land-in-Delhi-led-to-unauthorised-colonies:-HC-told
May 21, 2015
NEW DELHI: Delhi's municipal corporations told the High Court that due to high cost of approved flats and plots of land, weaker sections of society resorted to making their homes in unauthorised colonies
DLF-a-dominant-player-in-Gurgaon-market,-says-CCI-official
May 21, 2015
Ne Delhi: DLF was the only major player in Gurgaon and only a dominant player can abuse the market, CCI said
CII-pilot-smart-city-projects-in-Maharashtra,-AP-and-Punjab
May 21, 2015
KOLKATA: The Confederation of Indian Industry (CII) mentored three smart city pilot projects
Maharashtra-govt-bats-for-FDI-in-its-new-housing-policy
May 21, 2015
Mumbai: The Maharashtra government has in its draft of the new housing policy proposed foreign direct investment (FDI) for the development of special townships
Buying-a-home-in-Pune-unlikely-to-get-cheaper,-suggest-realty-studies
May 21, 2015
PUNE: Recent reports have suggested that residential property prices in the city are unlikely to see any major correction
No-land-will-be-acquired-to-favour-corporates:-Amit-Shah
May 20, 2015
NEW DELHI: "Not one inch of land acquired under the proposed new law will be used to favour any company
Mumbai-builders-seek-changes-in-rent-rules-amid-slowdown-in-property-markets
May 19, 2015
MUMBAI: Builders amid the struggle to sell their luxury apartments due to poor demand, have now approached the Maharashtra government seeking changes in the Leave and Licence Agreement rules
Rs-34,000-crore-Nagpur-development-plan-gets-House-nod
May 19, 2015
NAGPUR: The Nagpur Municipal Corporation general body passed the administration's new proposal to implement Rs 34,604 crore City Development Plan

Latest Realty News Of State

Realty Talk's