Mumbai : The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids to sell 30,000 sq meters of transfer of development rights (TDR) which they have generated from slum rehabilitation projects at Goregaon and Jogeshwari.

Earlier in July 2015 too MMRDA had tried to sell the TDR with an expectation of cashing in Rs 154 crore but it failed due to difference in pricing quoted by bidders and MMRDA.

In a bid to attract more developers to purchase TDR, the MMRDA has changed some clauses for the sale of the same. According to a senior MMRDA official, now instead of selling a minimum of 2,500 sq meters to each developer, MMRDA has relaxed that condition and is now willing to give out a minimum of 500 sq. meters.

“Nearly 30,000 sq metres, or 3.22 lakh sq ft, of TDR have been generated from slum rehabilitation projects at Nirlon and NESCO plots in Goregaon and Ajgaonkar in Jogeshwari. The Tender shall be finalised based on highest rate quoted by the bidder, subject to eligibility and other qualifying criteria,” a senior MMRDA officer said. The MMRDA has appointed a consultant to arrive at a base rate for the TDR, so that MMRDA can judge the bidders that come in.

Meanwhile, experts say that the TDR market is going through a lull and that there aren’t many buyers for TDR. “The market is in a bad shape. So I don’t think the sale is possible. Even the real estate market has not recovered so it has an impact on TDR too. But if some builder is doing a project and such a quantity (of TDR) is required then he can avail it. I don’t think traders will be interested; actual users can buy this from MMRDA,” said Suru Patel, a builder and TDR expert.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal