Developers flock to buy TDR from MMRDA; deals may fetch Rs. 130 crore.

Even as the sentiment in the real estate market continues to be low, as many as 12 developers including Oberoi Realty have bid for the 3.22 lakh sq ft (30,000 sq mt) of transfer of development rights (TDR) available in the city's western suburbs.

The Mumbai Metropolitan Region Development Authority (MMRDA) has put on block TDR on three plots in Goregaon and Jogeshwari. This includes area of 10,574.76 sq mt of Nirlon Park and 9,970.49 sq mt of NESCO, both in Goregaon and 9,454.75 sq mt of Ajgaonkar plot in Jogeshwari.

'There has always been a demand for TDR but there was no supply for the last few years. At the same time, there was a slowdown in the real estate sector. Since we are now seeing some level of optimism in the sector we decided to sell the TDR to generate funds for our projects,' Deputy Metropolitan Commissioner (lands and estate) Anil Wankhede told PTI.

BS