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This study examines Mumbai's Transferable Development Rights (TDR) market under DCPR 2034, analyzing demand dynamics and spatial patterns. Using 105 redevelopment projects (2021-2024), the research identifies road width, unit sizes, and tenant incentives as key factors driving TDR utilization. Spatial analysis reveals concentration in Western Suburbs (Wards KE/KW) and T Ward. The study provides empirical insights into how regulatory frameworks interact with market forces to reshape Mumbai's urban density, offering a foundation for understanding TDR's role in high-density city development.