BHUBANESWAR: The real estate forum of the Capital City on Friday raised concerns on the newly implemented Territory Development Rights (TDR) certificate scheme and reduced Floor Area Ratio (FAR) for new constructions.
The new rules would raise property prices by 30-40 per cent and directly hit the real estate sector which is already bearing the brunt of recession, Real Estate Developers’ Association president Kanti Lal Patel said.
As the TDR policy was implemented hastily without proper media publications, the intentions of the State Government remain unclear behind this move, the forum said.
Since the TDRs have not yet been generated, the realtors are not able to take up new projects as they are unsure about the building plan. “On what FAR should we plan a building, whether it should be 1.2 or more by accommodating TDRs still remains ambiguous as the TDRs are not available,” said Indian Institute of Architects, Odisha Chapter Sagarendra Mahapatra.
In such a condition, construction activities and other ancillary sector associated with it are adversely affected, the forum added.