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RNI No. MAHBIL /2009/31745
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URBAN DEVELOPMENT DEPARTMENT
Mantralaya, Mumbai 400 032, dated 15th October 2024
Order
THE MAHARASHTRA REGIONAL & TOWN PLANNING ACT, 1966.
No.TPS-1824/UOR-38/CR-118/2024/UD-13.—Whereas, while acquiring reserved plots from
landowners, the Special Planning Authority (SPA) or Urban Local Body (ULB) grants a
Development Rights Certificate (DRC) as compensation for various modes of acquisitions or various
modes of construction for the SPA/ULB or as per special provisions outlined under various
development control rules. The holder of the DRC has the option to sell or otherwise transfer the
Transferable Development Rights (TDR), either fully or partially, to another party ;
And whereas, the current practice of TDR transfers occurs on a peer-to-peer basis, with
parties finding one another directly. For DRC holders who are not involved in the construction
industry, selling TDR becomes diffcult. Similarly, indviduals needing to load DRC for utilization
find it challenging to identify a seller and determine a rational price range. The absence of a fair
and organized marketplace results in lower participation, uncertain pricing, inefficiencies in
transactions, and even double transactions, leading to potential legal disputes. Consequently, it
is urgent to rationalize this market, offering better incentives to developers and landowners to
opt for TDR rather than cash compensation ;
And whereas, a suboptimal TDR market leads to under-appreciation of the instrument,
reducing its appeal to potential users. In the real estate market, other problems arise or are
compunded by this inefficient TDR system, such as delays in project completion when developers
struggle to find suitable DRC holders, which increases project costs and housing prices, while
creating uncertainty in project delivery timelines. From the SPA’s perspective, these challenges
have reduced the tansfer of reserved plots in the Development Plan, further delaying the
implementation of the Development Plan.
(1)
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Now, therefore, considering these issues, the following orders are being issued at the
Government level to establish a fair market platform for TDR transactions :—
An electronic system shall be developed at the level of the Brihanmumbai Municipal
Corporation (BMC), where :—
(1) All DRCs shall be dematerialized and maintained in electronic format.
(2) All DRC holders and interested parties in the TDR market must register buy
completing a KYC (in line with KYC requirements for banking purposes).
(3) Any two registered parties can engage in a DRC transaction.
(4) DRC holders can propose sales to any registered participant, and registered buyers
can express interest in purchasing, allowing transactions between parties who may not know
each other directly.
(5) The system must be transparent and efficiant, enabling both sellers and buyers to
discover fair market prices.
(6) While transactions outside the electronic platform may be allowed, they must be
reflected on the system within a fixed time frame for validation.
(7) Individual Societies or flat owners, even if not developers or directly involved in the
property market, may purchase small amounts of DRC for regularization or extension purposes
without relying on brokers,
(8) TDR transactions shall involve a suitable financial institution, which will record
financial transactions and assume responsibility for the purchase and sale of TDR. Legal
requirements such as sale deed registrations and payment of applicable charges etc. will be
integrated into the system.
This system shall be developed and maintained by the Brihanmumbai Muncipal
Corporation (BMC), which may charge transaction fees for its use. The system must be
deployed within three months and, after stabilization, shall be extended to the rest of
Maharashtra. Once operational, it will be mandatory for all DRCs to be registered on the
system and dematerialized. The Urban Development Department will issue further
clarifications as necessary to ensure the system’s efficiency and rationality.
This notice is also available on the Government website www.maharashtra.gov.in (Acts/
Rules).
By order and in the name of the Governor of Maharashtra,
DR. PRATIBHA BHADANE,
Joint Secretary to Government.
ON BEHALF OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATION, PRINTED AND PUBLISHED BY DIRECTOR,
RUPENDRA DINESH MORE, PRINTED AT GOVERNMENT CENTRAL PRESS, 21-A, NETAJI SUBHASH ROAD, CHARNI ROAD,
MUMBAI 400 004 AND PUBLISHED AT DIRECTORATE OF GOVERNMENT PRINTING, STATIONERY AND PUBLICATIONS,
21-A, NETAJI SUBHASH ROAD, CHARNI ROAD, MUMBAI 400 004. EDITOR : DIRECTOR, RUPENDRA DINESH MORE.
