Another attempt of the MMRDA to try and earn maximum funds from the Bandra Kurla Complex seems to have gone for a toss.
Another attempt of Mumbai Metropolitan Regional Development Authority (MMRDA) to try and earn maximum funds from the Bandra Kurla Complex (BKC) seems to have gone for a toss.
The authority had offered over 100 players in the G block of BKC an extra floor space index (FSI) of four. However, apart from nine players who wish to reconstruct in the block, no one has come forward to take benefit from it.
Confirming the development MMRDA spokesperson Dilip Kawathkar said that it will be the metropolitan authority which will decide the further course of action on whether to extend the scheme or not.
In order to earn more and more funds from the existing land users in BKC, the authority had come up with a plan to offer them additional FSI in October 2008. According to the plan, the existing building owners were to submit a proposal to the authority for granting of permission to reconstruct and avail the additional FSI.
The authority had offered a rate as per the ready reckoner rate of December 2008 which was Rs65,340 per sq. metre for residential and Rs97,500 per sq. metre for commercial. However, apart from nine developers, none of the major players such as Citibank, Nabard, ICICI Bank and the Bharat Diamond Bourse who already have land in G Block have shown any interest in the offer.
The Urban Development Department (UDD) had doubled the FSI from 2 to 4 on G Block in May 2008. Nearly 178 hectares of land are in the block. The FSI is the amount of construction allowed on a plot. However, builders who had constructed before the notification came in did not get the benefit of the enhanced FSI. This go-ahead is aimed at buildings on nearly 20 hectares which could not get benefit
of the government’s earlier order.
The MMRDA in order to give additional FSI to builders who had missed out on the government largesse decided to sell the extra FSI at Rs97,000 per sq metre, way below the actual land price at BKC.
MMRDA officials were very optimistic about the proposal and had claimed that it would help overcome the agency’s financial woes. MMRDA metropolitan commissioner Ratnakar Gaikwad had said that the authority could get close to Rs13,000 crore if buyers line up. “We will use this money to fund infrastructure projects like Mumbai Trans Harbour Link,” Gaikwad had said.
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