Introduction:Value authority gets such reserved land for free of

Introduction:Value Capturing Framework seeks to enable States and city governments increase resources by tapping a share of surge in value of land and other things like buildings resulting from public investments and policy initiatives, in the identified area of influence. The VCF is established as four steps, Value creation (creation of new development opportunities), value realisation (sharing of gains through agreed instruments of VCF), Value Capturing (turning of investment into monitory value), value recycling (using of collected unearned income for other projects). The land value captured by means of various tools like Land value tax, Fees for changing land use (agricultural to non-agricultural), Betterment levy – one-time upfront charge on the land value gain caused by public infrastructure investment, Development charges (Impact fees)  link the development charge to the market value of land by carrying out periodic revisions, Transfer of Development Rights (TDRs) –used for exchange development rights, Premium on moderation of rules or additional FSI/FAR, Vacant Land Tax (VLT) – is applicable on those landowners who have not yet started construction on their lands, Tax Increment Financing (TIF), Land Acquisition and Development, Land pooling System (LPS). Value capture methods can be used in an area or can be specific to a project. Area-based value capture attempts to capture the basic appreciation of the value of the area as a result of infrastructure development, while project-based value captures the appreciation of land and building values in the area of influence of the project. The area of influence determines the geographic extent of immediate positive impact of project investments.Transfer of Development Rights (TDR): The main purpose of TDR is to break a traditional link between the reserved land , mostly with total impermissibility to be acquired free of cost, and the location at which its development potential is to be utilized. This cannot be achieved unless such rights are made transferable and owner can sell the same in open market. This will result in attaining of dual objectives namely dispossessed owner gets compensation for his reserved land and authority gets such reserved land for free of cost.Transfer of Development Rights (TDR) is compensation in the form of Floor Space Index (FSI) or Development Rights which shall entitle the owner for construction of built-up area subject to provisions of regulation. Here the parameters are FSI and Development Rights and the beneficiaries are land owners.  The TDR concept is both Project and area based. The FSI credit shall be issued in a certificate which shall be called as Development Right Certificate (DRC). The DRC will enable the third party (the main parties being the owner of affected land and granting authority) to possess the same and enjoy legal rights thereunder. In other words the holder of DRC can either utilise the development rights himself or further negotiate for consideration. Thus DRC will contain not only one contract but a series of contracts.    Advantages of TDR:• Local governments use TDR programs to mitigate the economic impact of land use regulations, specifically to compensate landowners for perceived partial takings (Johnston and Madison, 1997). This planning tool offers landowners a way to recapture some lost economic value when a property is downzoned from residential use to agricultural use for preservation purposes.• TDR programs do not replace zoning, but make strong land use regulations more politically feasible and easier to implement. Local officials feel less political pressure if landowners are compensated for their “lost” rights. And a well-constructed TDR program reduces the demand for zoning variances, since developers will use the market, not their connections to the local zoning commission, to secure additional development rights.• Developers benefit from the clarity and consistency that TDR programs offer. Instead of incurring the costs and risks of negotiating for variances, developers can exceed certain zoning regulations simply by purchasing development rights from other property owners.Cases Eligible:• Lands under various reservations for Public purposes, new roads, road widening etc., which are subjected to acquisition, proposed in Draft or Final Development plan, prepared under the provisions of the Maharashtra regional and town planning act, 1966• Lands under any deemed reservations according to any regulations prepared as per the provisions of Regional and town planning Act.• Lands under any deemed reservations according to any regulations prepared as per the provisions Municipal Corporation act.• Development or construction of the amenity on the reserved land.• Utilized FSI of any structure or precinct which is declared as Heritage Structure or Precinct under the provisions of Development Control regulations, Due to restrictions imposed in that regulation.• In lieu of constructing housing for slum dwellers according to regulations prepared under the Town and country planning Act.• The purposes may be notified as government from time to time, by way of modification to, new addition of, any of the provisions of sanctioned DCR.