Revised market values applicable to TDRs
The Hindu
Decision to apply prevailing rates will retrospectively benefit the unutilised TDRs already issued: GHMC
The government has recently issued a clarification applying the revised market values to the transferable development rights (TDRs) issued by GHMC in lieu of monetary compensation during property acquisition for various development works.
As per the memo, market values indicated in any TDR certificate are not static, but dependent on the same prevailing at the time of redemption of the TDRs. This applies not only to the transactions henceforth, but also to the previously held unsold certificates, as per the orders. According to GHMC officials, the decision to apply prevailing rates will retrospectively benefit the unutilised TDRs already issued, by enhancing their collective value by ₹100 crore.
TDRs are the rights for sale or development issued to property owners whose land is acquired as part of the city’s infrastructural development projects, including road widening, construction of flyovers, elevated corridors, underpasses, and other structures.
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