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The MoA requires the State Governments to commit to comply with six mandatory conditions including amending the Master Plan earmarking land for affordable housing, removing requirement of separate Non-Agricultural Permission if the land falls in the residential zone, putting in place a single window time bound clearance system for layout approvals and building permissions, providing additional FAR/FSI/ Transferable Development Rights and relaxing density norms for slum redevelopment and low cost housing etc.
A new report issued today by the NYU Furman Center analyzes the untapped potential of NYC's transferable development rights program, a critical tool for high-density housing development in New York City.
Mark tells me that Douglas County is also investigating the use of transferable development rights and hosted a meeting of interested parties in April.
New tools such as impact fees, transferable development rights, timed-growth ordinances, and transportation enhancement districts were put on the agenda.
DeLong notes that such a system of transferable development rights has already been established in many municipalities.
Heffley, "Spatial-Equilibrium Analysis of Transferable Development Rights, Journal of Urban Economics, 12, 1982, 238-261.
The Appraisal of Real Estate defines transferable development rights as "a development right that is separated from a landowner's bundle of rights and transferred, generally by sale, to another landowner in the same or a different area.
Transferable development rights separate the question of what land is developed from the question of who profits from development (Costonis 1973, 85-86).
The previous ownership, Extell Development, has also purchased 112,600 s/f square feet of transferable development rights from adjacent parcels resulting in a yeild of 270,000 buildable square feet.