Dharavi Redevelopment Project: Maharashtra govt TDR rule tweaks may advantage Adani Group: Report

The Maharashtra state government has issued a notification to introduce changes in the Development Control Rules (DCR) for the Dharavi Redevelopment Project. The notification allows the use of Transfer of Development Rights (TDR) without indexation, said a report.

This rule change is likely to give more value to the Adani Group for the TDR generated from the Dharavi Redevelopment Project (DRP) and mandate all city builders to purchase the first 40% of their required TDR from TDR alone, reported Hindustan Times.

Also read: Adani will start the Dharavi project with an investment of $1.5 billion

The state government’s Urban Development Department has modified the rules through a notification, the report said.

As per the existing rules, there is a provision of indexation for use of Transferable Development Rights (TDR). This means that there would be no limit on the use of the specific area of ​​the TDR. For example, if 1,000 square feet of TDR is generated from a particular project, there will be no restriction on its use in premium real estate markets like South Mumbai. However, only 100 square feet of it is allowed to be used.

(Exciting news! WhatsApp Channels are now mint Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

The change in rules means that an equal quota of generated TDR will be available for use. Thus, the entire area generated from the TDR could now be used in areas like south Mumbai or Vile Parle where real estate is more expensive, the report said.

According to the newspaper report, the notification contains a provision mandating real estate builders in Mumbai to purchase the first 40% of their required TDR from the Dharavi Project before using another TDR. The notification also allows Adani to charge up to 90% of the flat calculated value of the accepted plot as the TDR rate.

Also read: Dharavi: Adani aims to transform Mumbai’s slums into a modern city hub

The move heightened the controversy surrounding the project with Congress MLA and the party’s Mumbai unit president Varsha Gaikwad accusing the state government of awarding the Dharavi Redevelopment Project to the Adani conglomerate as a ‘Diwali gift’.

Gaikwad had earlier alleged a Transferable Development Rights (TDR) scam in the project for the benefit of the Adani group.

The Maharashtra cabinet awarded the tender for the Dharavi Redevelopment Project to Adani Realty to billionaire Gautam Adani-led firm Adani in December 2022. The company’s bid for the project was 5,069 crore.

Milestone Alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here for more information.

Get all Industry News, Banking News and Live Coin Updates. Download the Mint News App for Daily Market Updates.


Updated: 17 November 2023, 09:16 AM IST

Denial of responsibility! vismuseum.org.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.

Read original article here

Leave a Comment