The land owner will have to construct affordable homes, create open space and amenities and sell part of the housing stock in the open market.
Residents staying in the island city of Mumbai can expect to move in new and bigger homes. The Brihanmumbai Municipal Corporation (BMC) has proposed to give 2.66 floor space index (FSI) comprising additional FSI of 1.33 and uniform transferable development right (TDR) of .8 to development projects.
A BMC deputy commissioner on the condition of anonymity told DNA that currently the FSI in island city is 1.33. "There is no scope for redevelopment with that much FSI. Therefore, the BMC has proposed additional 1.33 FSI including TDR of .8. This will put the redevelopment of existing buildings on fast track and help us increase the housing stock."
Hiranandani Group managing director Niranjan Hiranandani said the final print of the BMC proposal needs to be read to understand its full implications.
"However, we have always been saying that everything should have a uniform FSI of 4," he said.
Builders Association of India Managing Committee member Anand Gupta said that the BMC's move will make correction in the realty prices as there will be increase in the housing stock in the island city. BJP MLA from Colaba, Raj Purohit said, "This is a good move, but the developer should pass on the benefits to the end users (i.e. tenants)."
Meanwhile, BMC will also allow construction in the no development zone (NDZ) including salt pans. The land owner will have to construct affordable homes, create open space and amenities and sell part of the housing stock in the open market.
Hiranandani said NDZ was never considered as never development zone. ''It was only in 1991 that the government wanted to keep some area in the suburbs reserve for future development and they were termed as NDZ.
However, many such NDZs have been taken over by slums hence BMC's proposal will prevent future slums coming on these land and will create more affordable housing stock,'' he said.
A BMC officer said that if the owners opt out of the responsibility of developing affordable housing and open space, he or she will get 1 FSI of the gross plot on its share of land. If the owner opts to develop the affordable housing and open space, he will be entitled for 1 FSI on its share of land along with cost of construction in the form of build-up area.
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