Three landowners hand over land worth Rs 3.29 crore to CMRL under TDR scheme

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.

The three applicants – R A A S Arun of Saidapet, Stree Seva Mandir of Ashok Nagar and G Subramanian and three others of Alwarpet will be given DRC for giving their sites in Mambalam in Guindy taluk, CMDA said.