Construction picks pace in Mumbai

    Construction picks pace in Mumbai
    With the delinking its revised policy for Transferable Development Rights (TDR) with ongoing redevelopment projects on narrow roads by the state government, Mumbai is all set to witness heightened construction activities across the outer fringes of the metropolitan city. In this connection, the CM has written to the Mumbai municipality, clarifying that the revised policy should not be applied to ongoing redevelopment projects fronting roads less than 30 feet-wide. The concession has been applied for all such construction projects where the municipality has issued the initial building permission or the commencement certificate with rider that concession would be applicable to the extent of the construction rights approved. The TDR, which is issued in the form of development rights certificate, is a vital tool for builders, since it allows them additional construction rights when they construct or redevelop buildings. A TDR is generated when a land owner surrenders lands for reserved public amenities or for road widening/new roads in built-up form or re-houses slum dwellers or the project affected persons free of cost.
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