Mumbai’s civic body, the Brihanmumbai Municipal Corporation (BMC), has introduced India’s first integrated digital platform for Transferable Development Rights (TDR) transactions, marking a significant step towards modernising real estate processes. The platform, launched on April 15, has been developed in collaboration with the Maharashtra government’s urban development department.
TDR is a mechanism through which property owners are compensated when their land is acquired for public purposes such as infrastructure, roads, or open spaces. Instead of monetary payment, owners receive additional development rights in the form of a Development Rights Certificate (DRC), which can either be utilised for construction or sold in the market.
“Registered buyers and sellers can log in to the portal and list their available TDR for sale. Upon registration, buyers can place bids for available TDR. The platform enhances transparency in transactions between buyers and sellers and also allows for negotiations post-bidding. Once a transaction is finalised, the entire process is completed through digital payment. Subsequently, the TDR is credited to the buyer’s account, and the seller receives the agreed payment. Registration on the portal is mandatory for both parties prior to initiating any transaction,” the BMC said in a statement.
Once a deal is completed, a digital Contract Note is generated, serving as a legally valid record of the transaction. The system incorporates KYC-based account verification, secure banking integration through SBI, and AI-driven analytics to monitor transactions and manage data efficiently.
According to the BMC, the platform aims to bring greater transparency, speed, and security to TDR dealings, which were previously characterised by manual processes and delays. By digitising the ecosystem, it is expected to simplify transactions involving reserved land and Floor Space Index (FSI), while also making the market more accessible to smaller developers and individual participants.
Source: Hindustan Times
