The Times of India 10.12.2010
BBMP’s TDR offer is half the market value
BANGALORE: It is disappointing news for those who thought BBMP would purchase their TDRs at market prices. BBMP will give you guidance value plus 30% as compensation for selling your TDR which usually works out to 50% less than the current market value. BBMP is taking up road widening work on certain stretches like Mysore Road and Magadi Road where widening is crucial from BBMP’s perspective but has met with vehement opposition so far from the public. Among 216 roads identified for widening, BBMP is coming forward to buy TDRs by creating a TDR bank only on some stretches.
However, its efforts to make the scenario a win-win for all might turn to be a mere chimera as the guidance value offered by BBMP as compensation is way below the market value. For instance, when the market value for land on Padarayanapura is around Rs 3,500 per square feet, BBMP is fixing the guidance value as Rs 1,270 per square feet. Further, BBMP is mulling an additional 30% of the guidance value as compensation. Even then, the total compensation would be half the market value.
Speaking to the Times of India, BBMP’s major works standing committee member H Ravindra said that BBMP will not be involved in any money transfer, but only facilitate between developers who are willing to buy TDRs and those property owners who would lose their properties to road widening.
“We have convinced the property owners on Magadi Road and Padarayanapura (on Mysore Road) to accept the TDR proposal. We are ready to buy the TDR and sell it to builders who are willing to come up with multi-storied buildings across the city. These TDRs are helpful for the builders to come up with additional floors,” Ravindra told TOI.
Besides, BBMP has given directions to all its zonal joint commissioners and joint directors of the town planning department to contact the builders in their jurisdiction to create a network of TDR pool. “Many builders have violated the norms during construction activities. We needed the Akrama-Sakrama scheme to regularize them but we are not able to implement it immediately due to several hurdles. It is an opportunity for builders to buy TDR so that in the future, they can be regularized, if not immediately,” he added. “A builder wants to build a huge commercial and residential complex of 50,000 square feet in C zone for which a request for TDRs is before BBMP. Even after we sell the builder all the TDRs from properties earmarked for widening at Padarayanapura, we will be able to give approval for only 14,000 square meter built up area. This is an indicator for the increased demand for TDRs,” Ravindra told TOI.
According to BBMP Major Road section’s officials, a policy decision is yet to be taken by the commissioner based on which the TDR purchase issue will be made more clear to the public. “TDR purchase will not be taken up in all 216 earmarked for road widening. We are yet to meet the builders and based on their requirement, certain roads will be chosen for making a TDR bank. However, BBMP will only act as moderator,” the official said.
GAG ORDER
Irked by the statements made by standing committee chairmen, mayor S K Nataraj has given directions to them not to speak to media without knowing the policy decisions, sources said.
However, its efforts to make the scenario a win-win for all might turn to be a mere chimera as the guidance value offered by BBMP as compensation is way below the market value. For instance, when the market value for land on Padarayanapura is around Rs 3,500 per square feet, BBMP is fixing the guidance value as Rs 1,270 per square feet. Further, BBMP is mulling an additional 30% of the guidance value as compensation. Even then, the total compensation would be half the market value.
Speaking to the Times of India, BBMP’s major works standing committee member H Ravindra said that BBMP will not be involved in any money transfer, but only facilitate between developers who are willing to buy TDRs and those property owners who would lose their properties to road widening.
“We have convinced the property owners on Magadi Road and Padarayanapura (on Mysore Road) to accept the TDR proposal. We are ready to buy the TDR and sell it to builders who are willing to come up with multi-storied buildings across the city. These TDRs are helpful for the builders to come up with additional floors,” Ravindra told TOI.
Besides, BBMP has given directions to all its zonal joint commissioners and joint directors of the town planning department to contact the builders in their jurisdiction to create a network of TDR pool. “Many builders have violated the norms during construction activities. We needed the Akrama-Sakrama scheme to regularize them but we are not able to implement it immediately due to several hurdles. It is an opportunity for builders to buy TDR so that in the future, they can be regularized, if not immediately,” he added. “A builder wants to build a huge commercial and residential complex of 50,000 square feet in C zone for which a request for TDRs is before BBMP. Even after we sell the builder all the TDRs from properties earmarked for widening at Padarayanapura, we will be able to give approval for only 14,000 square meter built up area. This is an indicator for the increased demand for TDRs,” Ravindra told TOI.
According to BBMP Major Road section’s officials, a policy decision is yet to be taken by the commissioner based on which the TDR purchase issue will be made more clear to the public. “TDR purchase will not be taken up in all 216 earmarked for road widening. We are yet to meet the builders and based on their requirement, certain roads will be chosen for making a TDR bank. However, BBMP will only act as moderator,” the official said.
GAG ORDER
Irked by the statements made by standing committee chairmen, mayor S K Nataraj has given directions to them not to speak to media without knowing the policy decisions, sources said.
