Brihanmumbai Municipal Corporation grants TDR for Birla House in South Mumbai

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Government sources said though the civic body has granted FSI of 3 on the property, Birla will be restrained to the eligible zonal TDR corresponding to an FSI of 1.33 if he is unable to meet the conditions including proving that the property is a cessed building and obtaining a no-objection certificate from the police as the property is attached.

“Birla House was a Grade-III heritage site, now accorded Grade II status. He is entitled for compensation for not being allowed to redevelop on his heritage property and a zonal (basic) FSI of 1.33 has been initially granted to Birla in Phase I. Currently, the consumed FSI or built-up area at the property is at about 35,445.852 sqfeet,” an official said.

Another rider is that Birla will have to seek a no-objection certificate from MHADA, which will certify the tenancy of the property. An NOC from the EOW is also crucial for Birla, main accused in the EOW case. Other than Birla House, the EOW in its chargesheet has listed nine other moveable and immoveable properties worth Rs 687.72 crore. Birla House is valued at Rs 425.50 crore, officials said.

“We are paying back our depositors through this TDR (on Birla House) or the sale of some other properties, the first contention is to pay back depositors,” Anant Vardhan, president, Corporate Affairs and Communication, Yash Birla Group, told The Indian Express over the phone when contacted.

Yash Birla, officials said, had earlier approached the civic body with a plan to raise money by parting with a portion of the unutilised development potential of the property. Chief Minister Devendra Fadnavis, in September last year, directed Mumbai municipal commissioner Ajoy Mehta to examine whether heritage TDR could be sanctioned for the property and to further determine the extent to which it could be granted, if admissible. “The BMC has now referred the matter to MHADA for tenancy certification,” said Mehta.

S S Zende, vice-president of Maharashtra Housing and Area Development Authority (MHADA), told The Indian Express that he was approached by Birla earlier this week. “About two days ago he (Yash Birla) and his architect met him and had applied for an NOC. They told me of the development in the case. The matter has now been referred to the Repair And Reconstruction Board of MHADA,” Zende said, adding that it will take at least a week more until a decision is made in the matter to grant an NOC.

Senior officials claimed once funds are raised from the acquired property, the money is likely to be parked with the EOW, who will further disburse the money to the investors. Pravin Salunkhe, joint commissioner of police (EOW), was not available for comment.