Government may allow higher floor space index for some roads, which may result in lower property prices.
In order to give a boost to the real estate industry and make homes in posh areas affordable for most of the potential buyers, the state government is mulling over allowing extra floor space index (FSI) in properties in posh localities of the city such as Prahladnagar and Bodakdev.
According to sources, the state government may offer extra FSI on certain roads like SG Highway, SP Ring Road and 132 Feet Ring Road. There are also possibilities that the current FSI in R1 zone, which is 1.8, will be made 2.2 or 2.3 and if the sources are to be believed, the government will not charge any extra amount for the extended FSI. Even areas which are in the periphery of R1 but fall in R2 zone, might be merged in R1 so that highrise buildings could be constructed there.
City builders have welcomed the move, saying this will not only boost development in these pockets but will also make homes and commercial properties economical to some extent.
In simple terms, if a three Bedrooms-Hall-Kitchen (BHK) apartment of 200 sq yard is worth Rs39.60 lakh today, it could go down to Rs31.50-Rs29.50 lakh range. This is because the availability of free FSI to the developers in these pockets will allow them to reduce the cost of construction which will allow them to make these residential properties cheaper by 20-25%. The government may implement the same rule in other areas having roads more than 80 feet.
President of Bopal Ghuma Housing & Estate Developers Association (BGHEDA), Dipak Patel, said, “Most of the lands parcels in these areas are owned by the developers. However, as most of these land parcels are in R2 zone, builders are unable to come up with any scheme here. If the new plan is implemented, a property available at Rs2,200 per sq ft now, will be available at Rs1800-1900 per sq ft. But it all depends on the availability of the free FSI.”
Some developers believe that even if the government doesn’t allow free FSI and just change the zone from R2 to R1, they will be able to offer cheaper homes. According to them, if one side of a road is in R1 zone and the other side is in R2 zone, there should not be separate rules for properties on the road.
Director of JP Infrastructure Pvt Ltd, Jateen Gupta said, “We won’t mind paying for the extra FSI as our main concern is the change in zone. Currently, the land beside SG Highway and SP Ring Road are either in R2 or R3 zone. If the government changes the zone from R2 to R1, developers will be able to come up with residential schemes, which are really needed in these pockets.”
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