The term Development Rights Transfer is not very well known among the younger masses. However, landowners whose land has come to the attention of the Government, or is about to be scheduled as an upcoming development area, need to know more about this and, in the process, must be able to clearly understand the pros and cons of this. legal law. process.
To put it simply, the transfer of development rights enables the smooth exchange of land between the owner and the government for development purposes such as widening roads, building schools, playgrounds, and even subway projects. In the TDR program, the government can take possession of the land, either partially or totally, in exchange for granting development rights to the owner.
TDR main factors
The main factor that led to the existence of Transfer of Development Rights was the failure of conventional zoning. The latter focused mainly on the acquisition of larger land and the zoning of agricultural areas, which proved costly and impractical, thus reducing the development potential of the owner’s property.
An introduction to TDR
TDR is an innovative method of developing infrastructure such as parks, playgrounds, and other civic amenities in locations suitable for higher-density development, away from land to be preserved. This implies two important terms, which are, “shipping areas” and “receiving areas”. Specific preservation areas are called the former, while specific development areas are the latter.
Meaning of the Democratic Republic of the Congo
The Development Rights Certificate is an integral part of the Development Rights Transfer program. It makes a certain amount of area available to be given as compensation to landowners whose land has been taken over by the government for development purposes.
However, the owner can keep the compensation area for himself or give it to anyone else who needs the land for an acceptable amount of money.
Advantages of TDR
A TDR program, being a quick process, has many benefits. It ensures a smoother, unambiguous procurement process as well as better compensation facilities, helping the area to develop at a faster pace.
In addition, the landowners who give up their lands have the right to obtain an area, the extension of which is one and a half times more than the parcel delivered. Additionally, TDR programs help create denser neighborhoods. In addition, the TDR also gives homeowners the freedom to build additional floors in the building that are provided to them as compensation.
Disadvantages of TDR
However, TDR has some drawbacks. In a TDR building, the old infrastructure is not demolished, but new floors are built on top of it.
Sometimes the area is not well maintained and remodeling costs must be borne by the occupant. Therefore, it is always best to check the compensation area before proceeding with the TDR program.