BENGALURU: Bruhat Bengaluru Mahanagara Palike (BBMP) is all set to revise the transferable development rights (TDR) rates to attract property owners in the city to part their land for road widening. “Currently, the TDR rates are low and many owners are not coming forward to give their land for road widening. Within 15 days, BBMP will take a decision to revise TDR rates so that property owners can be convinced.
Widening of 216 roads identified under the project is essential as the traffic congestion has become a huge problem in the city,” said Bengaluru Development Minister KJ George. He made this statement following a road inspection in the central Bengaluru on Wednesday.
Though BBMP took up the widening project in the year 2009, it couldn’t move beyond few roads, as a result of widespread opposition by the resident welfare associations across the city. During the year 2012, though the civic agency was able to convince property owners for widening, the project got stuck as the TDR formula didn’t go well with the citizens.
Under the TDR scheme, those parting land for road widening will get TDR (issued on what is known as the Development Rights Certificate (DRC) which is nothing but built-up area awarded to you in addition to what you have originally surrendered. One can use the additional built up area to extend another plot of land or building in some other part of the city or you can sell the TDR in the market.
Credits ET Realty