TO create buffer zones to save waterbodies from encroachments, the Chennai Metropolitan Development Authority (CMDA) is considering a proposal to acquire land parcels located near waterbodies in exchange for green transferable development rights (TDRs).
TDR is a compensation issued in the form of Floor Space Index (FSI) or development rights which shall entitle the owner of the certificate to construct additional built-up area over and above the limit otherwise stipulated for an area. At present, FSI credit issued in the form of development right certificate (DRC) by planning authorities. The certificate will have details such as FSI credit in square metres of the builtup area to which the owner or lessee is entitled to, the place from where it was generated, and the rate of the area as prescribed in the guideline value at the time of the issuance of the certificate.
A report prepared by consulting firm Cushman and Wakefield, which had undertaken the study for Chennai Metropolitan Area, has suggested three kinds of green TDRS.
This story is from the January 29, 2023 edition of The New Indian Express.
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This story is from the January 29, 2023 edition of The New Indian Express.
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