‘TDR does not cause any financial strain on Govt.,’ says Raja Chandra, member of Mysore royal family
Mysuru: Contrary to the State Government claiming that it will cause a financial strain to the State Exchequer if it grants Transferable Development Rights (TDR) to the erstwhile Royal Family of Mysore for the Bangalore Palace land that has been acquired to widen the Ballari Road, member of the Royal Family R. Raja Chandra has said that it does not cause any financial loss to the Government.
Speaking to Star of Mysore this noon, he said that the scheme of TDR itself is designed to reduce the financial burden on the Government or any public authority if it acquires land to build roads or any other infrastructure.
“The Government will not pay us the money but it will give a certificate and issuing the certificate is the only cost. The certificate will enable us to increase the Floor Space Index (FSI). For example, if a builder builds two or three floors extra instead of the permitted two floors, I can sell the TDR certificate (issued by the Government) to the builder to enable him to legalise the extra floors and thereby compensate me for the land I have lost,” he said.
“The Government is not spending any money, It is just giving a certificate called TDR/DRC (Transferable Development Rights/ Development Rights Certificate) to enable the certificate holders to sell the DRC to willing builders at the prevailing market value for such an instrument and build additional floors against legally permissible FSI,” Raja Chandra elaborated.
“So, by issuing TDR certificates, the Government is not spending any money but the TDR certificate holder can make money by selling it to the builders. It is a win-win situation for the Government, TDR certificate holders and the builders. It is just a via-media solution. In fact, the TDR comes below the market value. By denying the TDR, the Government is being petty. To put it simply, the Government is jealous that the royal family (TDR holder) is making money,” he added.
Raja Chandra also said that the Government is being vindictive. “There is no doubt that the land (Bangalore Palace) belongs to the royal family and by issuing the TDR, the Government is accepting that. As the land belongs to the royal family, they brought in the Bangalore Palace Acquisition Act, of 1996 which we have challenged in the Supreme Court. The State Government wants to take over the land without giving the market value,” he added.
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