Up next
Tags

Godrej Properties which acquired RK Studios from the Kapoor siblings for Rs 250 crore recently spent Rs 16 crore to buy TDR for the RK Studios project.

By Varun Singh

Godrej Properties, bought the iconic RK Studios from the Kapoor siblings for a whooping Rs 250 crore in May 2019.

In January Godrej properties launched its ambitious Godrej RKS project. The project spread over 2.2 acre is going to be an ultra luxury apartment with 14 storey and three basement parking.

Recently Godrej properties bought TDR from two different entities which it will use for the project.

Also Read: RK Studios will be Godrej RKS.

The first deal was signed between Godrej properties and Bombay Dyeing, for Rs 9.65 crore. The TDR in this deal measures 3,777.59 sq mts.

The second deal signed is between Godrej properties and Neelam, Finance. This deal is worth Rs 6.44 crore and the TDR bought measures 1413.87 sq mts,

What is TDR?

TDR or Transferable Development Rights is what a developer purchases and utilizes it for increasing their permissible development rights.

How is TDR generated?

TDR in Mumbai exist in four forms, Reservation TDR, Road TDR, Slum TDR and Heritage TDR.

When the Government undertakes compulsory acquisition of individual land parcels for creating infrastructural projects, it is required to compensate the land owners. Government introduced the concept of Transferable Development Rights. These rights are obtained in the form of certificates, which the owner can use for himself or can trade in the market.

Slum TDR is generated when a land owner/developer surrenders his land for building tenements for slum dwellers or project affected persons (PAP) free of cost. 

TDR can be sold by the holder to another developer and can be used in the north. So when TDR is generated in island city of Mumbai, it is used in the suburbs.

TDR can be sold in open market and that is how, Godrej Properties bought these TDR from two different entities.

A detailed query sent to Godrej Properties didn’t yield a response.

Also Read: Top 5 Bollywood deals of 2019

SHARE ON
TwitterWhatsappFacebookBufferLinkedInPin It
Leave a Reply
You May Also Like
CIDCO

CIDCO Receives 12,000 Applications for Its Lottery in 24 Hours

CIDCO’s “My Preferred CIDCO Home” scheme has seen an unprecedented response, with 12,400 applications submitted in the first 24 hours. Designed for Economically Weaker Sections and Low-Income Groups, this initiative offers a total of 67,000 homes in Navi Mumbai, highlighting the public’s confidence in CIDCO’s housing projects. Registration is open until November 11.
Three decades after the Harshad Mehta securities scam shook India's markets, a prime Juhu flat owned by his late associate Sushila J Shah is up for auction. Valued at 1,150 sq ft in upscale Vandana CHS, this sale follows previous disposals like the Dalamal Chambers unit, as authorities push to recover billions in losses.

Harshad Mehta Scam Echoes: Prime Juhu Flat Heads to Auction in Ongoing Recovery Drive

Three decades after the Harshad Mehta securities scam shook India’s markets, a prime Juhu flat owned by his late associate Sushila J Shah is up for auction. Valued at 1,150 sq ft in upscale Vandana CHS, this sale follows previous disposals like the Dalamal Chambers unit, as authorities push to recover billions in losses.

Aranyakaa Farms Launches H2O – A 61-Acre Sustainable Farmland Focused on Water Conservation

Aranyakaa Farms has launched its 10th project, H2O – Harvesting a Brighter Tomorrow, a 61-acre sustainable farmland in Beragai, Bangalore. The initiative addresses the city’s water shortage with advanced conservation methods, including rainwater harvesting and man-made lakes. Located in the Hosur Economic Corridor, the project features a range of eco-friendly facilities and aims to provide long-term solutions to water management challenges in the region.
property

Listed Developers See A Major Jump in Sales

Listed developers have seen a major rise in their sales when compared…