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Realty slump forces MMRDA to amend BKC land use policy

Instead of reserving a plot for only commercial or residential purposes, the MMRDA has opted for mixed usage of all its plots in the financial district. This will help developers pitch the idea of "Walk to Work" as a selling point.

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Due to a slowdown in the realty sector, the Mumbai Metropolitan Region Development Authority (MMRDA) has amended its policy regarding sale of land in the Bandra Kurla Complex (BKC). The new policy is attractive not only for developers but also for builders.

Instead of reserving a plot for only commercial or residential purposes, the MMRDA has opted for mixed usage of all its plots in the financial district. This will help developers pitch the idea of "Walk to Work" as a selling point.

Around 2,50,000 sqmt of land is yet to be sold through long lease, whereas out of the total area, around 70% has already been sold or leased out to various developers and multinational companies.

The policy was amended in a recent meeting. Henceforth, plots reserved for only commercial purposes can have up to 30% space taken up by residential buildings. "This mixed lane use pattern will help in marketing the project as well. The developers can pitch it as a "Walk-to-Work" project, wherein the commercial complex or office space is either the same building as the apartment or the adjoining building," said an MMRDA official.

Similarly, part of the plots reserved only for residential purposes will be allowed to have commercial establishments on the ground and first floors.

Currently, the area becomes completely deserted after the office working hours. The authorities expect modifications in the Development Control Rules (DCR) to give a bustling nightlife to BKC.

For commercial as well as residential structures, the Floor Space Index (FSI) is now 4. Earlier, the FSI was at 3. The state government gave a nod for the raise in October 2015. Due to this increase in FSI, the existing buildings, too, have been permitted to increase the built-up area, subject to approvals from MMRDA and the Ministry of Civil Aviation. At present, the business district has restrictions on using 4 FSI due to a part of the area having flight path.

The development authority has put up one of the plots for long lease or 'Lease Premium' of 80 years in G block of BKC. This plot, with an area of 12,486 sqmt, has built up area of 50,000 sqmtr. The reserved price has been kept at Rs1,479 crore or Rs2,95,800 per sqmt, and the final date for submission of auction bids is August 1.

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