Owners could trade land on floodplains for building rights
CHENNAI: In a bid to protect floodplains and aquifer recharge zones in the city, the Chennai Metropolitan Development Authority (CMDA) may borrow a leaf out of Telangana’s book to offer Transferable Development Rights (TDRs) to reclaim the land. TDRs allow governments to acquire land in exchange for development rights. Those with TDRs can develop properties or land in other parts of the city or sell it to other developers.
Under Telangana’s TDR policy, the Greater Hyderabad Municipal Corporation has issued 807 TDR certificates worth Rs 3,095.50 crore. Under waterbodies category, 65 properties were acquired under the tank, Full Tank Level (FTL) and buffer/beautification of tanks (Rs 539.04 crore) and under Nala-widening, 40 properties were acquired (Rs 41.10 crore).
CMDA member secretary Anshul Mishra warned that TDRs could be offered based on a rational justification to genuine owners who tend to lose land rights. “We need to look at possible modalities to arrive at a valuation, keeping in mind the quantity of TDRs that can be issued and the capacity of State to accept social and environmental value of unquantifiable assets,” he explained.
Mishra said CMDA is planning a study on Floor Space Index (FSI) and TDR to find a framework for using TDR in a restrictive FSI regime and also ensure the availability of land and others for public use. The CMDA is also exploring policies that aim to convert TDR certificates into a Dematerialisation (Demat) form to make them secure and also enable them to be traded. It has asked the Tamil Nadu Urban Infrastructure Financial Service Limited to appoint a consultant to prepare a DPR on this.
Model of Curitiba in Brazil also being studied
The sleuths of Transferable Development Rights (TDR) is provided in the form of FSI or Development Rights, which shall entitle the owner for construction of built-up-area. At present, this FSI credit is issued in a certificate called the Development Right Certificate ( D RC ) by planning authorities.
The FSI credit in square metres of the built-up area to which the owner or lessee is entitled is based on the place from where it is generated, and the rate of that plot as prescribed in the guideline value issued by the Registration Department for the concerned year.
Aside from Telangana, the model of Curitiba in Brazil is also being studied. Officials said the environmental and social benefits of protecting critical lifeline assets need to be weighed against the potential loss of revenue due to the Transferable Development Rights policy to arrive at a proper framework. It is also important to identify TDR receiving zones based on the infrastructure and other parameters.
Inspired by Telangana, Brazil
Aside from Telangana, the model of Curitiba in Brazil is also being studied. Officials said the environmental and social benefits of protecting critical lifeline assets need to be weighed.