To Give Real Estate a Chance, AC Adopts Land Pooling and TDR Policy – ​​Kashmir Reader

Srinagar: The Administrative Council has approved the Land Pooling Policy and the Transferable Development Rights Policy, aimed at boosting the real estate sector in J&K.
The AC meeting was chaired by Lieutenant Governor Manoj Sinha and attended by Advisor RR Bhatnagar, Chief Secretary Atal Dulloo and Principal Secretary to LG Mandeep Bhandari.
Under the land pooling policy, developers or private land owners have to come together to pool their land and get permission for development. While authorizing the development, the concerned urban authorities have to retain sufficient land for development of infrastructure, wide roads, parks, open spaces and other amenities and the remaining land would be returned to the land owners who would distribute it equally among themselves. The benefits of land pooling to various stakeholders would be that the value of the land would increase for the land owners and better infrastructure would be created as compared to the irregular parcels that are pooled together by the land owners to develop that parcel. The proposed policy would be applicable to notified parcels of 50 hectares and above.
In another development, AC has approved the policy on Grant & Utilization of Transferable Development Rights. Under this scheme, for the land transferred free of cost by a landowner or a developer for public purposes such as road widening, public rights of way, for conservation, heritage and other infrastructure development, non-financial compensation will be given in the form of TDR certificate specifying the Built-Up Area (BUA) or Floor Area Ratio (FAR) given to a landowner or developer which he can utilise in the remaining portion of his property or build elsewhere and even encash by selling TDR to another developer or user in receiving areas. This would enable developers to build above the permissible Floor Area Ratio (FAR) for the land transferred in congested areas. The TDR policy is aimed at expediting the implementation of Master Plan proposals and will be implemented initially in the jurisdiction of the JDA and SDA.
The Administrative Council also approved the proposal of the Housing Department to engage National Building Construction Corporation (NBCC) for expediting the development of Srinagar Satellite Township in Rakh Gund Aksha Bemina, where Srinagar Development Authority would utilise 3,290 kanals of land for construction of residential plots, group housing apartments and 3,200 flats under affordable housing schemes. Satellite Township will have commercial, government offices, green spaces, sports facilities and a 200-star 5-star hotel and the entire project will be completed in phases over a period of 5 years. The decision to engage NBCC for consultancy and as executing agency was taken to expedite the work. It may be recalled that the High Court complex and Medicity are also being constructed in the vicinity of the township.

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