India, Oct. 5 -- The Bombay High Court on Friday dismissed a plea by the Green Garden Apartments Co-operative Housing Society in Borla, Deonar, which sought to restrain developers from using Transferable Development Rights (TDR) sold to them by the society. The court criticized the society for attempting to retain sale proceeds and questioned the legality of the transactions.

TDRs are certificates issued by the municipal authorities which allow a property owner to build more on their land than normally permitted by giving up some of their land for a public purpose such as a park or the widening of a road.

The society claimed that TDR worth over Rs.46 crore had been sold to developers by certain members of the society without consulting ...