Nation Current Affairs 08 Oct 2019 TDR bank may begin o ...

TDR bank may begin on October 15

DECCAN CHRONICLE.
Published Oct 8, 2019, 1:22 am IST
Updated Oct 8, 2019, 1:22 am IST
TDR is granted for a certain extra built-up area in lieu of the area given up to GHMC.
The TDR is given for a certain additional built-up area in lieu of the area relinquished or surrendered by the land owner to the GHMC.
 The TDR is given for a certain additional built-up area in lieu of the area relinquished or surrendered by the land owner to the GHMC.

Hyderabad: The Greater Hyderabad Municipal Corporation has decided to launch a software tool that links the building plan permission application with the property tax assessment service to reduce the time in issuing the occupancy certificate besides ensuring transparency in the system.

This apart, the corporation is setting up a transfer of development rights (TDR) bank to facilitate easy transaction between buyers and sellers. The TDR bank is likely to be launched on October 15, said GHMC commissioner D.S. Lokesh Kumar on Monday.

 

The TDR is given for a certain additional built-up area in lieu of the area relinquished or surrendered by the land owner to the GHMC. The land owner can use the extra built-up area or transfer it to another person for a sum. There were not many takers for TDR certificates as it was found to be unattractive by those who had to give up land for road widening and other projects. Government therefore is relaxing the rules to create a demand for TDR. Issuing TDRs reduces the burden on civic bodies as it is given in lieu of compensation which could run into a few hundred crore rupees.

Mr Kumar said that following the instructions of municipal administration minister K.T. Rama Rao, the corporation has taken measures to increase revenue. On the condition of roads, he said that the civic body had started filling potholes and major repairs will be taken up once the rains stop by the end of October.

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Location: India, Telangana, Hyderabad




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