India, April 15 -- Mumbai's civic body, the Brihanmumbai Municipal Corporation (BMC), on April 15 rolled out India's first integrated digital platform for Transferable Development Rights (TDR) transactions. The platform has been jointly developed by the Maharashtra government's urban development department in partnership with the BMC.

When land belonging to a property owner is acquired for public purposes (such as roads, gardens, or infrastructure projects), the owner is granted additional development rights in the form of a TDR rather than monetary compensation. This TDR is issued via a Development Rights Certificate (DRC). The DRC holder can either use the TDR for their own development projects or sell it to other developers in the ope...