Though the new FSI norms for cessed buildings have invited applause from south and central Mumbai residents, the very people the new policy was intended to attract, builders and developers, are not too happy.
Though the new FSI norms for cessed buildings have invited applause from south and central Mumbai residents, the very people the new policy was intended to attract, builders and developers, are not too happy.
They have opposed the condition that despite the additional FSI — of 3 from the existing 2.5 — for the redevelopment of cessed and old buildings, the riders are too tough to make redevelopment viable.
Mayank Gandhi, general secretary of Remaking of Mumbai Federation, said that with the compulsion of the side space of minimum 6 metre on two sides of the buildings, the projects in the island city will remain unfeasible. “All the plots on which cessed buildings are standing are tiny in size and there is no space to leave space on two sides of the redeveloped building. It shows how the government work on paper without taking the ground reality into consideration,” he said.
Gandhi said that the government should have encouraged cluster development rather than the individual development of the cessed buildings.
Sunil Mantri of Sunil Mantri Realty Limited said that the government should re-think the rider of side space. “I welcome the decision of additional FSI, but if we look at these buildings in Bhuleshwar, Kalbadevi, Girgaum, they have hardly any area that can be left around the structure. The government should go case-by-case and offer relaxation where the condition is not possible to be complied with. I don’t think the condition of the corpus fund for maintenance of 10 years would affect the profitability of the developers,” he said.
He suggested that the government should initiate a fast-track approval system to ensure redevelopement is speeded up. “The initial approval process takes up to three years, and another year if the proposal is sent to high-rise and environment committees. The cessed buildings are not in condition to stand these many years,” he added.
Pankaj Kapoor, managing director of Liases Foras, a realty research firm, said that the condition of side space around the building is necessary. “It may not be viable in some cases, but in that case the redevelopment of adjoining buildings may be clubbed. The buildings are in south and central Mumbai where the real estate rates are highest. This means it won’t be difficult for builders to follow the conditions put by the government in new 33(7) norms.”
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