On Fri, Jun 18, 2010 at 10:05 AM, Kiran Jonnalagadda <[email protected]> wrote: > But then, if you look at the 20 storey buildings coming up around Bangalore > with 80-100 apartments per building, and with apartments going for around 60 > lakhs, your 100th fraction share of the land has significantly lower value > than the apartment. Surely there's got to be another asset there? How did > the builders get to construct a 20 floor apartment in a city that sets the > norm at 4 floors?
This is the problem with using transfer of development rights in many developing countries. It makes some sense in a country where zoning rules are observed and enforced. When that isnt there -- the whole system is a vehicle for abuse. In Nairobi for example, this is a way to grab and redevelop "slums" which are in many instances villages within the city with shared / communally owned and used land.
