Mumbai To Unveil Online TDR Hub This Week, CM Devendra Fadnavis Might Inaugurate the Project

The Brihanmumbai Municipal Corporation (BMC) has developed an online trading platform for Transferable Development Rights (TDR), which is expected to be launched this week. The internet marketplace for TDR is expected to be launched by Chief Minister Devendra Fadnavis, according to civic officials. In order to guarantee the successful execution of the Development Plan and to give landowners clear information about the acquisition of TDRs, the BMC has established the market place in accordance with the state government's directives to create a simplified, transparent, and effective electronic platform for TDR trading, known as the "e-TDR System."

The marketplace will handle financial transactions through SBI, a nodal bank, and make it easier to acquire and sell TDRs. The TDR marketplace was developed by the BMC on a SAAS architecture. Every Development Rights Certificate (DRC) would be kept in an electronic format after being dematerialised. "TDR buyers and sellers will be able to register themselves following the marketplace's opening. We will also post information about the DRCs on the platform. Additionally, they will need to open an SBI account and deposit 10% of the bid amount into the bank account. According to a BMC spokesman, "the civic body will forfeit a certain percentage of the amount if the buyer backs out of a deal."

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It is also anticipated that the establishment of the marketplace will contribute to increased transparency in the TDR sales process. By increasing transaction volume, the program hopes to improve the city's Development Plan implementation and raise demand for TDR. When special planning authorities or civic bodies purchase property from landowners for infrastructure projects or as part of a reservation, they give DRC as compensation. The TDR may be sold or otherwise transferred, in whole or in part, to a third party by the DRC holder. Subject to limitations on a specific site or area, TDR permits developers to construct above the allowable Floor Space Index (FSI).