The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids to sell its 86,823 square metres of transfer of development rights (TDR) which MMRDA has generated from slum rehabilitation projects in the western and eastern suburbs.
Earlier in July 2015 and January 2016 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.
After failing once the MMRDA had even relaxed the minimum TDR selling norm of 2,500 square metres to each developer to minimum of 500 square metres.
This time, however, it is has also added the TDR from Jogeshwari and Ghatkopar, instead of only Goregaon. The total TDR available on sale is 86,828,12 square metres and the base price quoted by the MMRDA is Rs 36,350 per square metre, which brings the total figure of revenue generation to around Rs 300 crore.
The area where TDR is available includes two plots in Goregaon of which one measures around 7,470 square metres and the other of 7,214 square metres followed by 36,160 square metres in Jogeshwari, 2,453 square metres in Ghatkopar and 33,524 square metres in Vikhroli.
The MMRDA has also appointed a consultant to arrive at a rational deal for the sale. “The real estate market is already having a lot of housing stock and therefore there are no developers to buy TDR. Every developer wants to clear all the stock to balance the demand supply ratio and that’s one of the reasons we are not getting bidders for buying TDR,” said a senior MMRDA official from Lands and Estate department.
