PANAJI (INDIA): Months after announcing introduction of the Transfer of Development Rights (TDR) land use policy, the Goa government has decided to go slow on its implementation due to problems being faced by the real estate industry in the wake of GST and RERA.
Town and Country Planning Minister Vijai Sardesai had told the assembly during the monsoon session that the TDR policy, which is the backbone of upcoming Regional Plan 2030, will be formulated in the next six months.
The TDR was expected to curb increasing conversion of agricultural and orchard lands for other activities, mainly construction of buildings by real estate developers.
“We are slowing the work on conceptualising the TDR policy due to introduction of RERA and GST. The implementation of TDR at this stage can affect the entire economy,” he told reporters here last evening.
The minister said the real estate industry has faced a setback due to GST and RERA and it is coming to terms with these two issues.
He said the government wants to give some time to the industry to settle down before introducing the TDR concept. “There is absolutely no harm in waiting when we are planning to give something good to the state.”
The Manohar Parrikar government had announced the policy to curb the increasing conversion of green lands for construction activity.
Those who want to retain their lands would benefit with the concept as they would be able to sell their TDR to the builder for a cost, hence discouraging them from selling away their land to make money.
Source: Press Trust of India