Chennai:
Three landowners have handed over an extent of 386 square
metres of land worth Rs 3.29 crore to Chennai Metropolitan Development
Authority to avail Development Right Certificate (DRC) under the Transferrable
Development Rights (TDR).
“The Chennai Metro Rail Limited has forwarded a few TDR
applications to CMDA for land required for Metro Rail project. So far three
applications were received and the total guideline value of the land handed
over is 3.29 crore,” CMDA said.
The second master plan for Chennai Metropolitan Area
provided for regulations for the grant of TDR on September 2008. TDR, which is
a new concept, is brought out mainly to avoid cumbersome land acquisition
process and to maximize the value of land affected by master plan detailed
development plan proposal or by any other development is eligible for award of
TDR in the form of floor space index in lieu of monetary compensation, CMDA
said.
The development right certificate is also tradable in case
where the applicant does not possess any land within CMA or he is not in a
position to achieve within the site.
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