COMPARATIVE STUDY ON THE APPLICATION OF TRANSFER OF DEVELOPMENT RIGHTS – CASE STUDY OF OUTER RING ROAD AND POONAMALLE HIGH ROAD (HERITAGE BUILDINGS), CHENNAI

Abstract

The term "Transfer of development rights" (TDR) means making a certain amount of additional built-up area available in lieu of the area that the landowner has given up or surrendered, so that allowing him to use the extra built-up area himself or transfer it to another party in need of the extra built-up area for an agreed fee. The Transfer of Development Rights (TDR) is one of the tool that can be used to speed up the development of the city's infrastructure. They are available for purchase and sale on the open market as TDR Certificates. These certificates are inturn used in increase in FSI of the buildings. This research paper has addressed the issue by concentrating on the deployment of TDR and TDR certifications, which increase the public's and builders' use of TDR for development. In order to establish vital infrastructure projects like widened highways, formation of new roads, public parks or playgrounds, or other municipal amenities, the Government must make the obligatory acquisition of property parcels owned by private residents. Land acquisition is typically a time-consuming, difficult, and expensive procedure. The Government introduced TDR to reduce the amount of time needed for acquisition and purchase of land with the least amount of inconvenience. Private owners used to incur a loss on their investment since the Government's compensation was less than the property's actual market value. Private owners can now acquire TDR in the form of certificates. They can utilise these certificates for personal use or even exchange them for cash on the open market. This research paper explores the use of Transfer of Development Rights for spatial development and potential modifications to its implementation.