Mumbai, Feb. 28 -- The Maharashtra government has introduced several measures to regulate the Transfer of Development Rights (TDR) market for the Dharavi Redevelopment Project (DRP), said a press statement on Friday.

Among the key changes, the government has capped the TDR price at 90 per cent of the ready reckoner rate to prevent any abnormal price escalation. Previously, slum TDR rates in Mumbai had reached as high as 120 per cent of the ready reckoner rate, driven by market demand and supply, the release from the Dharavi Redevelopment Project (DRP) said.

The Dharavi Redevelopment Project is one of the most ambitious urban renewal initiatives in India. While the government has capped the TDR rate, other developers who wish to use TDR ...