The Maharashtra government, led by CM Eknath Shinde, has reportedly issued a notification to tweak changes in the Development Control Rules (DCR) for the Dharavi Redevelopment Project, which would eventually allow the use of Transfer of Development Rights (TDR) without an indexation.
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This could in future benefit the Adani Group for the TDR generated from the slum project and mandate all city builders to buy the first 40 per cent of their required TDR from DRP only, a report in the Hindustan Times said.
The changes in the policy were introduced by Maharashtra’s Urban Development Department. Under the existing rules, there is a provision for indexation for using TDR. That means that there would not be any cap on area-specific use of the TDR.
Citing an example, the report highlighted that if 1,000 square feet of TDR is generated from a specific project, the same quantum is not allowed to be used in plush markets like south Mumbai and only 100 square feet of it is allowed to be used.
But under the revised rules, there will be an equal quantum of generated TDR available for use. That means the total area generated out of the TDR could be utilised now in plush areas, like south Mumbai, Bandra, Juhu, Vile Parle, where real estate is costlier.
The fresh notification has a provision which makes it mandatory for the builders in Mumbai to buy first 40 per cent of their required TDR from the Dharavi Project before utilising other TDR.
This provision would give the Adani Group a major boost and a big readymade market for the TDR, which it will generate from the Dharavi Project. The notification also allows Adani to charge up to 90 per cent of the ready reckoner value of the receiving plot as the TDR rate, the report said.
Gautam Adani-led Adani Group’s firm Adani Realty won the Dharavi Redevelopment Project bid floated by the Maharashtra cabinet in December 2022. The company’s bid for the project was Rs 5,069 crore, while its closest competitor, DLF group, had submitted a bid of Rs 2,025 crore.
Adani Group may ‘earn big bucks’ from TDR with changes in rule for Dharavi Redevelopment Project: Report
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The Maharashtra government has reportedly issued a notification to tweak changes in the Development Control Rules (DCR) for Dharavi Redevelopment Project.
This could in future benefit the Adani Group for the TDR generated from the slum project.
The changes in the policy were introduced by Maharashtra’s Urban Development Department.
The Maharashtra government, led by CM Eknath Shinde, has reportedly issued a notification to tweak changes in the Development Control Rules (DCR) for the Dharavi Redevelopment Project, which would eventually allow the use of Transfer of Development Rights (TDR) without an indexation.
This could in future benefit the Adani Group for the TDR generated from the slum project and mandate all city builders to buy the first 40 per cent of their required TDR from DRP only, a report in the Hindustan Times said.
The changes in the policy were introduced by Maharashtra’s Urban Development Department. Under the existing rules, there is a provision for indexation for using TDR. That means that there would not be any cap on area-specific use of the TDR.
Citing an example the report highlighted that if 1,000 square feet of TDR is generated from a specific project, the same quantum is not allowed to be used in plush markets like south Mumbai and only 100 square feet of it is allowed to be used.
But under the revised rules, there will be an equal quantum of generated TDR available for use. That means the total area generated out of the TDR could be utilised now in plush areas, like south Mumbai, Bandra, Juhu, Vile Parle, where real estate is costlier.
The fresh notification has a provision which makes it mandatory for the builders in Mumbai to buy first 40 per cent of their required TDR from the Dharavi Project before utilising other TDR.
This provision would give the Adani Group a major boost and a big readymade market for the TDR, which it will generate from the Dharavi Project. The notification also allows Adani to charge up to 90 per cent of the ready reckoner value of the receiving plot as the TDR rate, the report said.
Gautam Adani-led Adani Group’s firm Adani Realty won the Dharavi Redevelopment Project bid floated by the Maharashtra cabinet in December 2022. The company’s bid for the project was Rs 5,069 crore, while its closest competitor, DLF group, had submitted a bid of Rs 2,025 crore.
