After municipal commissioner Subodh Kumar decided to include all floor space index (FSI)-free components such as balconies, floor parking and flowerbeds in FSI, developers are demanding unlimited FSI, saying BMC move will push prices up and lead to housing scarcity.
After municipal commissioner Subodh Kumar decided to include all floor space index (FSI)-free components such as balconies, floor parking and flowerbeds in FSI, developers are demanding unlimited FSI.
FSI is the amount of construction allowed on a plot of land. The higher the FSI, the bigger a building can be constructed.
Paras Gundecha, president of Maharashtra Chambers of Housing Industry (MCHI), said they would meet chief minister Prithviraj Chavan to present their demand for unlimited FSI or maximum FSI of 4.
At present, the city has got FSI of 1.33 and the suburbs an FSI of 1.
To buy a house in the city is not possible for a common man because of the exorbitant land prices, say developers.
“Bangalore has started giving an FSI of 4. In Mumbai, we need more FSI because of scarcity of land,” Gundecha added. “In the current FSI of 1.33, the developers will not be able to construct many houses.”
Sunil Mantri, managing director of Mantri Group, said the state government should not restrict the use of FSI.
“We are ready to pay premium. Civic chief Kumar referred to the report of Singapore and Dubai where there is no concept of free FSI,” Mantri said. “I welcome his decision, but he should implement the report full heartedly, not partial one.”
He also cited an example of the Congress-led government in Hyderabad which has given unlimited FSI.
“Mumbai has got the lowest FSI. The government needs to change its attitude. Unlimited FSI will create maximum housing stock. That will reduce the property rates in city,” Mantri said.
Another developer said that if the government does not increase the FSI ratio, then the house prices will rise.
“Civic commissioner Kumar is expecting a revenue of Rs3,000 crore from the proposed amendment in developmental control (DC) rules. If the BMC and state government are serious to add more revenue in their kitty, they should implement the long-time pending additional FSI of 0.33 in the suburbs, which will fetch them Rs5,000 crore,” Gundecha said.
Another developer, requesting anonymity said, they would not propose flowerbeds and balconies in any building now. “There will not be any ornamental decoration and elevation features. There are only a few developers who misused the free-of-FSI component. Why other should suffer it? The BMC should have checked and taken action against them,” he said.
Developers said they would think twice before taking up projects. “It will not viable to undertake any fresh housing construction projects where our share of profit margin will be negligible,” said a developer, requesting anonymity.
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