Shubhada Subhash Patil, Ph.D., NMIMS, Kirit P. Mehta School of Law
ABSTRACT
This research paper provides a comparative analysis between the High Court judgment in the case of "Municipal Corporation of Greater Mumbai vs. State of Maharashtra & Ors." and an innovative theory for a Transferable Development Rights (TDR) and Real Estate Exchange model proposed by Shubhada Patil. The High Court judgment addresses the urgent need for public safety measures concerning dilapidated buildings in Mumbai, emphasizing eviction and demolition orders. Despite clear legal directives, practical challenges in enforcement persist, including noncooperation from stakeholders, resource constraints, and legal hurdles. The proposed TDR and Real Estate Exchange model aims to resolve these challenges by creating a transparent and efficient market-based mechanism for the transfer and development of land rights. The model integrates advanced economic principles, statistical analyses, and real-time data to promote sustainable urban development. By leveraging tokenized development contracts and a sophisticated execution and pricing algorithm, the model addresses liquidity constraints, land hoarding, and pricing transparency. This paper explores the convergence and divergence between the legal framework and the proposed model, providing insights and recommendations for integrating legal and market-based approaches to enhance urban safety and development.
Keywords: Transferable Development Rights, Real Estate Exchange, Dilapidated Buildings, High Court Judgment, Urban Safety, Market-Based Solutions, Sustainable Development, Mumbai.
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