Lodha Group to use TDR in Mumbai
TDR was strictly prohibited in the island city and could only be used for construction purposes in the suburbs. But a new state government policy introduced last November opened up its use anywhere, including prime localities in south Mumbai where property prices are some of the highest in the world.
“Lodha is the first beneficiary under the revised TDR policy,” said civic sources, adding the government wanted to compensate land owners just like under the Land Acquisition Act.
Lodha surrendered over an acre (4,500 sq m) from its 17.5 acres Shreeniwas Mills property in Lower Parel to the state housing authority (Mhada) free of cost for housing mill workers. As compensation under the new policy, the builder received around 12,000 sq m from the BMC’s development plan department. The builder can use this additional construction rights to build in any area (for instance, Cuffe Parade, Malabar Hill) or sell the entire stock to a third party.
Lodha Group MD, Abhishek Lodha, said they were yet to decide whether to utilise the TDR on another plot or sell it altogether. “We will not be using the TDR on the Shreeniwas Mills property,” he said. Lodha is building a residential skyscraper on this defunct mill land.