Wednesday, July 31, 2013

Frank talk on Transfer of Development Rights and Development Rights Certificate by real estate reporter

Transfer of Development Rights and Development Rights Certificate 

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         Bangalore Mahanagara Palike has identified 45 roads for widening. The list includes some very old and narrow roads like Avenue Road. The proposal requires large scale acquisition of land. The civic body, it is learnt to have issued notices to the property owners inviting them to opt for Transfer of Development Rights (TDR). Under this/scheme if the land owners voluntarily surrenders the land to the Bangalore Mahanagara PaIike , they will get Development Rights Certificate (DRC), which entitles them to enhanced FAR, one and half times of the land surrendered. This enhanced FAR may be used by the owner in any of their properties

         FAR has its own value, meaning and purpose. Restricting and prescribing FAR in relation to the area of the site is to regulate proper growth, and to ensure availability of natural air and light not only to the owner of the site, but also to neighbours. Allowing the utilization of enhanced FAR in any of properties of the owner would lead to irregular growth of the city, spoiling the beauty and skyline and also infringing the rights for air and light of the neighbour. This may even spoil the neighbourhood relations and lead to litigation. 

         Further, Development Rights Certificates are tradable Anyone who has violated the FAR may purchase DRC and regularize his construction. This is unethical and amounts to marketing the honesty. Anyone who has violated the law may become honest person, provided he has money, money becomes more powerful than law. 

         Instead of TDR, DRC the Mahanagara Palike may as well acquire the land and compensate the owner Some of the identified roads, such as Avenue Road, are almost heritage roads, which are centuries old and needs to be preserved.

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