Maharashtra proposes scrapping of zoning in new TDR Regulation
* UDD issues draft of new TDR Regulation, invites suggestions/objections from people within a month * Several changes proposed in the draft including formula for calculating FSI, construction amenity TDR, utilisation of TDR etc Staff Reporter In what could be a shocker for those who have got a sort of ‘monopoly’ over Transferable Development Rights (TDR) and who bought TDR for a particular zone to exploit the real estate boom to their advantage, Urban Development Department (UDD) of Maharashtra Government has scrapped zoning in the new TDR Regulation. If implemented in its present form, this may result in lowering of property prices even in prime areas of various cities including Nagpur. UDD has issued the draft of proposed new ‘comprehensive revised regulation’ in respect of Transferable Development Rights and Accomodation Principle. The draft has been prepared in view of the provisions of Right to Fair Compensation and Transparency in Land Acquisition, Rehabilita...