Sabarmati Riverfront Development Corp may allow five or even higher FSI to private developers.
The city skyline is all set to change. With the Sabarmati Riverfront Development project coming up, city's skyline will extend upwards.
The relaxed norms for the Floor Space Index (FSI) on the riverfront will make skyscrapers a reality. The Sabarmati Riverfront Development Corporation Ltd (SRFDCL), a special purpose vehicle floated by Ahmedabad Municipal Corporation (AMC), is in the process of finalising General Development Control Regulation (GDCR). The company is likely to allow up to five or even more FSI to private developers.
The GDCR allows maximum 2.25 FSI, 1.8 FSI, 1.8 regular plus 0.45 paid FSI, in the residential zone-I. The riverfront project is a unique urban infrastructure project and with a view to encourage private development, the FSI norms will be relaxed.Sources close to the project said, "We may allow FSI starting from 1.8 to 5 or even more depending upon the plot size and location, so that private developers can build skyscrapers.”
Sources also said the private developers will be able to get 100% ground coverage. At present, developers can cover 45% ground in case of low-rise buildings and 30% in high-rise buildings. "We already have a plan for creating green and open space and providing public amenities and other facilities in around 86% land of the riverfront, so the developers need not part with the open area," said the sources.
SRFDCL expects global and national level real estate players to participate in riverfront land auction. It expects bidders to quote double to four times more price for the riverfront land in auction. The sources said the SRFDCL is not meant for making profit, so if it recovers cost of the riverfront development from auction of around 60% to 70% of the land earmarked for auction, then remaining land parcel will be utilised for public amenities. The company has reclaimed 202 hectares land, of which around 28 hectares land will be auctioned at a rate of 14% of the total land.
Sources said the GDCR will be published only after obtaining the go-ahead from state government, particularly from CM Narendra Modi.
The SRFDCL may take six to eight months to make GDCR public and auction the land. The original cost of the riverfront was estimated around Rs770 crore which now has reached Rs1,200 crore. However, the delay in the project has turned out to be a blessing in disguise as hike in realty prices has allowed the company to save around 6% more land for public amenities, said sources.
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