Cenvat on service rendered during redevlopment

Dear Sir,

In that case, will the TDR received be taxable? and on what amount?

Yes. Because according to Circular 151/2012 service of construction provided to the society / dwellers of slum is taxable w.e.f. 1.7.2012. If the same is taxable then CENVAT may be allowed, but in absence of the same, i.e. where it is not taxable, the officer may contend that to that extent, no CENVAT allowed where there in no immediate output service.