Builders of real estate projects in Mumbai, who are
allowed to construct additional area for sale in exchange for creating
public parking lots, will now have to shell out more, in line with the
BJP-led government’s budgetary goal of monetising floor space index
(FSI) to boost revenues.
The state urban development (UD) department
issued orders on Monday stating that premium charged for use of the
incentive FSI in such projects will go up. FSI determines the extent of
construction allowed in the project. However, data obtained from the BMC
shows that the seven-year-old policy, which grants additional
construction rights to developers who agree to create public parking
within their plots, has not translated into creation of ample parking
spaces on the ground and has instead led to congestion in already dense
localities.
Developers who construct public parking lots,
in addition to captive parking for their own buyers, are allowed to
construct an area equivalent to 50 per cent of the built-up area of the
public parking lot as residential or commercial units in their project.
For this, they have to pay a premium that is calculated at 40 per cent
of the ready reckoner value of the incentive FSI minus the cost incurred
by him on constructing the parking lot. According to the orders issued
by UD department on Monday, the premium has now been increased to 60 per
cent. This paper had reported last month that the proposed move was
awaiting CM Devendra Fadnavis’s approval.
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About us
MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
Contact
501, 5th Floor, Plot No - A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) - 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
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