The recent Transferable Development Right SCAM in BBMP will ultimately affect the innocent property buyers, in fact, majority are APARTMENT BUYERS.
The fact is that these BUILDERS have bought the TDR and made good use of it and are constructing or constructed the complexes, may be illegal. It is a long legal battle.
The advance booking apartment GUYS and the buyers are in SERIOUS LEGAL TANGLE for quite some years. The legal opinion may not be complete or may be insufficient to look into these issues. These builders refuse/decline/reject to give proper details and clarification or documents related to the TDR.
A famous CREDAI member name is widely known for the purchase of TDR.
What is TDR.
The Government Body like BBMP acquires private property for public purpose for road widening and as usual cannot pay the property value or consideration or compensation, hence, if the land acquired is 1 feet, TDR is issued for 1 1/2 feet or 2 feet for the additional or extra construction over and above the FAR or FSI. The result is that the buyer gets LESS UNDIVIDED SHARE IN THE LAND.
This is free BALAJI DARSHAN offered by this type of Apartment complexes by the developer, the buyer need not go to the Tirupati for BALAJI DARSHAN, the builder, puts the NAMA (lll) right in their air conditioned office and the buyers are thrilled. The NAMA is invincible and these buyers pay for their penalty even without knowing, for another 5 to 20 years.
The state government has decided to increase the width of Bannerghatta Road to 45 metres (147.6 feet), But there are 405 property owners across this stretch, who are not willing to forego their properties, this has proved to be a double-edged sword: While it is bound to cheer motorists , it would prove to be a nightmare for property owners who are likely to lose portions of their land/properties in the road widening process.
This was indicated by the undersecretary, urban development department, vide a letter dated May 8, to BBMP commissioner. The BBMP will acquire the properties through TDR (Transfer of Development Rights). The detailed project report is ready and funds have been allocated for the widening in the budget.
It is learnt that the TDR ratio might be increased from 1.5 to 2.5 times will be awarded to the properties so acquired for road widening, in the event, in spite of the tempting offer, if the property owners does not wish to surrender, then, the government have to use emergency provisions to acquire the same.
The notorious BBMP is in the news again as usual for its mismanagement and non compliance. The income tax department on Monday froze 40 bank accounts of the Bruhat Bangalore Mahanagara Palike (BBMP) for failing to respond to a tax notice of Rs 31.5 crore in connection with transfer development rights (TDR) certificates issued by the civic agency for having neglected and ignored to respond to the notices of the Income Tax Department, as BBMP felt and behaved in the same manner with all other departments, but got the BOOT from IT department. But, the balance in all the accounts were just Rs2 Crores only.
Nothing serious happened, as usual, some cheques got bounced and BBMP is not bothered about it.