You'll soon get higher compensation under TDR

BENGALURU: The legislative council passed a bill on Thursday to increase the compensation under Transfer of Development Rights (TDR) to twice the size of property notified for a public purpose by the government. The move, which follows demands from several quarters of society to make TDR more attractive, will ensure that private citizens parting with their property will get 'notional land', which is twice the size of the property given to the government. Urban development minister Vinay Kumar Sorake said the move will also ensure there is an authority to monitor the TDR transactions. The department will frame rules for an IAS officer to head the State Development Rights Authority as commissioner. "This amendment will give more teeth to existing laws governing TDR regulations," Sorake said. According to the Karnataka Town and Country Planning Amendment Bill, 2015, the new price will be paid to private persons only for projects such as road widening, road formation or infrastructure work pertaining to water supply, sewage, electricity, etc. The urban development department wants to increase the value of "notional land" to twice the total area only when the remaining portion of the land to be acquired doesn't have any reasonable beneficial use. For all other types of authorized buildings, the notional land value will be equal to that of the land area derived by dividing the value of the building/portion of the building surrendered, by the market value of the land/plot on which the building is situated. The government will later prescribe the method of valuation of the building. The bill also takes away the power of city corporations to issue TDR, and has handed it over to the planning authorities. -TOI