Key Points
The much-awaited redevelopment of Asia's biggest slum, Dharavi, spread over 600 acres of prime land in the heart of the country's commercial capital, Mumbai has intensified the discussion surrounding Transferable Development Rights (TDRs)..
TDR certificates can be traded in the market, allowing property owners in high-demand areas to purchase additional development rights from owners in restricted zones..
Key cities including Pune and Hyderabad have also utilised TDRs to encourage the conservation of heritage structures, regulate development and protect ecologically sensitive areas...
Some countries where TDR programmes are used efficiently include the US, with cities like New York and San Francisco deploying them to preserve historic buildings and open spaces. Singapore uses a similar concept called "development rights certificates" to regulate land use and encourage development in certain areas..
TDRs can be a valuable tool in urban planning by encouraging conservation and flexible development, but its implementation requires careful regulation to address potential challenges and ensure fair outcomes for all stakeholders...
