Agreement for transfer of development rights

An Agreement for Transfer of Development Rights is a contract between the owner of a property and the developers detailing the obligations of the parties and specifying the standards and conditions that will govern development of the property. It is an arrangement in which the owner transfersthe building plan approvals or FSI /FAR which he is entitled to construct on his own to the person undertaking the actual construction work subject to certain terms and conditions stipulated in the development agreement.