Transfer and Development Rights to become reality in the city
Bangalore, Nov 22 (UNI) Following Mumbai, Pune and Hyderabad this growing tech metropolis was all set to implement Transfer of Development Rights (TDR) to facilitate improvement of infrastructure without hampering the interest of property owners, a portion of whose land would be acquired for road widening.
Implementing TDR would benefit developers who despite losing the land would enable to retain the construction of floor area permitted to them and would get an additional 15 per cent in lieu of the land lost in the form of TDR for future rights.
Karnataka Ownership Apartment Promoters Association (KOAPA) which has been promoting TDR with the government was of the opinion that this would also increase the value of the property in view of availability of wide Roads.
Association President Balakrishna Hegde told newsmen here that currently there was lack of awareness among property owners on TDRs and there was need to increase it by the Corporation authorities.
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