Move to benefit residents of 16,000-odd such bldgs, boost redvpt of stuck projects in SoBo.
The Congress-NCP government has sanctioned a floor space index (FSI) of 3 for the redevelopment of cessed buildings in Mumbai. Earlier, the FSI was 2.5.
The move is expected to benefit thousands of people living in the city’s 16,000-odd cessed buildings, most of which are in the island city. The move is apparently made with an eye on the upcoming general elections.
As per the notification issued by the state urban development department, a copy of which is with dna, the cessed buildings prior to September 1969 can either use an FSI of 3 or the FSI required for the rehabilitation of existing tenants plus 60% incentive FSI.
Cessed buildings are those structures whose occupants pay a repair cess (tax) to the housing board.
A government official said, “The housing society can avail of either of the options with a view to get maximum benefit. In case of composite redevelopment, where several buildings (not exceeding five) are redeveloped together, the FSI of 3 or required FSI for rehabilitation of existing occupants plus 60% incentive FSI, whichever is more, can be availed of.”
This move is expected to give a boost to and expedite the several
redevelopment projects in South Mumbai which have been stuck.
Mumbadevi MLA Amin Patel said, “We are happy with the state government’s decision. This will help the tenants get bigger houses — 390 sqft minimum carpet area against their existing 120 sqft and 180 sqft tenements. Joint redevelopment will help create more open space for recreation facilities. The developers will get equal share of profit. So, things will move speedily.”
Also, there is no virgin land available in South Mumbai. “We need to put the land to use in several different ways by increasing FSI. Number of families has increased over the years and this new policy will help in building more houses,” he added.
Pankaj Kapoor, managing director of Liasas Foras, the real estate research firm, said the grant of higher FSI will help meet the growing demand for housing. The increase in supply will also bring real estate prices down, he added.
Kapoor added that besides the housing issue, the higher FSI will tackle the city’s parking problem as well. “The numbers of cars in island city has increased significantly. However, there is no space to park the cars inside the housing societies. People are forced to park their cars on streets, which adds to traffic congestion.”
BJP MLA from Malabar Hill and a builder Mangal Prabhat Lodha welcomed the state government’s decision.
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