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.
Source : The Economic Times(ETRealty.com)
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