MMRDA’s attempt to sell TDR falls flat

Amidst sentiments of the real estate market being low, the Mumbai Metropolitan Region Development Authority’s (MMRDA) attempt to sell the transfer of development rights (TDR) received a cold response from nine developers. The MMRDA has generated TDR from slum rehabilitation projects in the western and eastern suburbs for which it had invited bids for selling 86,823 square metres of its TDR quoting around Rs 36,350 square metres and expecting generating a revenue of around Rs 300 crore.

However, when the MMRDA opened bids on Friday, it was not able to sell more than 20,000 square metres of the total TDR of 86,823 square metres.

“The bids we have received are for around 16,000 square metre of TDR in Jogeshwari, Kanjurmarg and Vikhroli by which we expect to generate around Rs 55 crore. The bids will now be awarded once the approval comes from the authority body of the MMRDA which includes the MMRDA chief and the chief minister,” said a senior MMRDA official.

The area where TDR is available includes two plots in Goregaon, of which one measures around 7,470 square metres and the other of 7,214 square metres followed by 36,160 square metres in Jogeshwari, 2,453 square metres in Ghatkopar and 33,524 square metres in Vikhroli.