The Maharashtra state government has issued a notification to bring in changes in the Development Control Rules (DCR) for Dharavi Redevelopment Project. The notification allows the use of Transfer of Development Rights (TDR) without an indexation, a report said.
This change in rules is likely to give more value to the Adani Group for the TDR generated from the Dharavi Redevelopment Project (DRP) and mandate all city builders to buy the first 40% of their required TDR from DRP only, reported Hindustan Times.
Also Read: Adani to kick off Dharavi project with $1.5 billion investment
The state government’s Urban Development Department has modified the rules through a notification, the report added.
According to the existing rules, there is an indexation provision for the utilization of Transferable Development Rights (TDR). This means that there would not be any cap on area-specific use of the TDR. For instance, if 1,000 square feet of TDR is generated from a particular project, there will be no restriction on its utilization in premium real estate markets such as South Mumbai. However, only 100 square feet of it is allowed to be used.
(Exciting news! Mint is now on WhatsApp Channels 
The change in rules means there will be an equal quantum of generated TDR available for use. Hence, the total area generated out of the TDR could be utilised now in areas like south Mumbai or Vile Parle where real estate is costlier, the report said.
According to the newspaper report, the notification has provision which mandates the real estate builders in Mumbai to buy first 40% of their required TDR from the Dharavi Project before utilising other TDR. The notification also allows Adani to charge up to 90% of the ready reckoner value of the receiving plot as the TDR rate.
Also Read: Dharavi: Adani aims to transform Mumbai slum into modern city hub
The move has increased the controversy around the project and Congress MLA and party’s Mumbai unit president Varsha Gaikwad has accused the state government of awarding the Dharavi Redevelopment Project to Adani’s conglomerate as a ‘Diwali gift’.
Gaikwad had earlier alleged a Transferable Development Rights (TDR) scam in the project to benefit the Adani group.
The billionaire Gautam Adani-led Adani Group’s firm Adani Realty was awarded the Dharavi Redevelopment Project bid by the Maharashtra cabinet in December 2022. The company’s bid for the project was ₹5,069 crore.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Download The Mint News App to get Daily Market Updates.
Updated: 17 Nov 2023, 09:16 AM IST
