NTC to get TDR in exchange for Indu Mills land; land to be used for Ambedkar memorial

MUMBAI: The National Textiles Corporation (NTC) is amongst the first entities to benefit from the state government’s new Transfer of Development Rights policy.
The NTC will get Transfer of Development Rights (TDR) which is nothing but compensatory floor space index in lieu of the Indu Mills land which it has given to the state government for the Dr Babasaheb Ambedkar Memorial.Under the new TDR policy, the NTC is entitled to 2.5 times FSI for the land surrendered. Indu Mills land is 12 acres or approximately 48,000 sq metres that is being given for the memorial so the TDR is 2.5 times this area.
This TDR can now be used anywhere in the island city based on the indexing rule that inflates or deflates the fsi usable based on relative Ready Reckoner Rates (RRR) for the locations were generated and where utilised. For instance, if this TDR generated in Worli is used in Nariman Point, where the RRR is generally higher than the amount of fsi yielded from this TDR proportionately decreases. The TDR policy has allowed the use of all kinds of TDR (slum, amenity) in the island city; earlier only heritage TDR was allowed.
In a statement made before the legislative assembly chief minister Devendra Fadnavis said the property has now been formally transferred in the name of the Maharashtra government. On Saturday union textiles minister Smriti Irani, and union minister of state for social justice Ramdas Athavale were present at Vidhan Bhavan for a handing over ceremony.
Fadnavis said work on the memorial will begin immediately. The memorial is estimated to cost Rs 900 crore. “A proposal that was pending for nearly 15 years was resolved swiftly by the new government both at the Centre and state,” he said.
The new TDR policy came into force in November last year. The quantum of TDR to be used on a plot is now dependent on the width of the road adjoining the plot.