Maharashtra Deputy CM Proposes TDR for Redevelopment Near Mumbai Airport

Maharashtra Deputy CM Proposes TDR for Redevelopment Near Mumbai Airport

Maharashtra Deputy CM Proposes TDR for Redevelopment Near Mumbai Airport

In a significant move to boost redevelopment efforts, Maharashtra Deputy Chief Minister Eknath Shinde has proposed granting Transfer of Development Rights (TDR) for buildings in Mumbai’s airport funnel zone. This initiative aims to facilitate the redevelopment of over 6,000 aging structures in Vile Parle, Santacruz, Kurla, and Ghatkopar, potentially benefiting 6-8 lakh residents.

The airport funnel zone comprises areas aligned with runway flight paths, where redevelopment projects have been stalled due to height restrictions. Under the new proposal, if developers are eligible to construct 20 floors but can only build 10 due to aviation limits, they will receive construction TDR on a no profit, no loss basis. This move will make redevelopment viable for numerous old and dilapidated buildings struggling with regulatory constraints.

BJP MLA Parag Alavani and Congress MLA Amin Patel raised concerns about the stalled redevelopment projects, urging the government to fast-track approvals. In response, Shinde announced that Mhada will soon appoint a full-time land acquisition officer to accelerate the redevelopment of cessed and dilapidated buildings in Mumbai’s island city. Additionally, tenders will soon be floated for redevelopment projects in Kamathipura and Umerkhadi.

The BMC and housing department will also ensure a time-bound approval process, offering building owners and societies a structured timeline for redevelopment proposals before initiating land acquisition through Mhada. The proposal is expected to unlock stalled projects, improve living conditions, and provide long-overdue relief to thousands of residents in the affected areas.

About the author
Sandeep Sadh

About Sandeep Sadh

Sandeep Sadh has been in the real estate business since 1993 in Mumbai. He has expertise in Buying, Selling, Leasing properties in Mumbai and a deep understanding of legal and tax related matters due to his experience.

Summary

Over the years, he has experienced the City's growth. He has been a columnist in the Times of India with numerous articles, which bring about a clear picture of the real estate market in Mumbai. He is a regular on NDTV, CNBC, ET Now Real Estate and Zee News, giving his experienced quotes as and when required.

Sandeep Sadh has used information and technology since the year 1998 and now what people call it Prop Tech to cater to the needs of Home Buyer, Seller, Investor and Corporates, HNI and NRI looking to Buy/Sell or Lease their properties in the Mumbai Property Market.

Sandeep has a holistic experience of real estate be it Leasing an Apartment for your CEO in the most upmarket buildings, to enter into a long lease for your office in Mumbai in prime buildings or an Investment in good projects with a detailed analysis keeping in mind the Demand and Supply and other micro factors of the project/property.

Sandeep Sadh has developed a few websites like www.mumbaipropertyexchange.com, www.realestatemumbai.com, www.propi.in which augment the real estate consulting business.

Right from Investments in Primary Markets to Selling, leasing and specializing for NRI’s all over the world. He is an expert in NRI Home Buying and Selling and has a good understanding of the Income Tax laws pertaining to Selling a Property and Repatriating funds overseas or reinvesting based on Capital Gains etc.

Experience

  • Residential Leasing
  • Commercial Leasing
  • Residential Home Buying
  • Commercial Property Buying
  • Investment Properties with complete Property Management as your Real Estate Family office

While transacting in the above segments, he has complete experience and deep understanding of the paper work, his areas of expertise are :

  1. Drafting of the Leave and License Agreements
  2. MOU for Buying/Selling Properties
  3. Drafting Agreement for Sale
  4. Gift Deeds
  5. Computing of Capital Gains with current ready reckoner values
  6. Drafting of Supporting Power of Attorney.

As an add on Service, Sandeep Sadh has tied up with various Professionals like Lawyers and Chartered Accountants who add value in transacting and specially services for Non Resident Indians.

Application to Income Tax for Lower Tax Deduction Certificate – Through a qualified CA and keeping a grip on the traction so that the remittance back to Non Resident Indians after Selling the property is seamlessly transferred.

You can connect with Sandeep Sadh on ssadh@mumbaipropertyexchange.com

LinkedIn - https://www.linkedin.com/in/sandeepsadhmpe/