Transfer of Development Rights in Urban Planning and Its Role in the Urban Real Estate System

Development rights transfer, as one of the modern and market-based tools in urban planning, has been formed with the aim of creating a balance between public interests and private property rights. By separating development rights from physical ownership of land, this tool enables the protection of lands with environmental, historical and social values, and at the same time, paves the way for directing urban growth to appropriate areas. The present article, with an analytical-descriptive approach based on theoretical studies and global experiences, examines the position of development rights transfer in urban planning and its relationship with urban property management. In this regard, first, theoretical concepts related to property rights, urban land economics, and planning tools are introduced, then the implementation mechanisms of TDR, its effects on the urban real estate market, and its role in achieving sustainable urban development are analyzed. The results show that the transfer of development rights, if established in an appropriate legal and institutional context, can be used as an efficient tool to increase the efficiency of the land market, reduce institutional conflicts, and improve the quality of the urban environment.