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Higher FSI to make homes cheaper: Gujarat CM Vijay Rupani

The chief minister wants Gujarat-based real estate developers to come out with ‘iconic buildings’ in Ahmedabad, Vadodara, Surat and Rajkot

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Gujarat CM Vijay Rupani
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Increasing Floor Space Index (FSI) for housing projects will ensure that more units will be constructed and prices of houses will come down, chief minister Vijay Rupani said on Monday at a function in the city. He said that FSI relaxations will also be given for 'iconic' buildings in the cities of Ahmedabad, Vadodara, Surat and Rajkot.

Addressing close to 3,000 realtors in the city at Growth Ambassador Summit organized by CREDAI – Gujarat, Rupani said announced increase in FSI for D-1, D-2, D-3 and D-4 categories, where the base FSI was 1.5 or more. Accordingly, for projects along roads with width starting 36 metres up to 44 metres, FSI has been raised to 3.6, while that of roads with a width of 45 metre or more, the FSI has been raised to 4.0.

Another major initiative announced is construction of 'iconic' buildings in cities. "Places like Dubai, Singapore, Hong Kong have iconic buildings, which are an attraction among the tourists. We can have such buildings in our cities as well. We can relax FSI for them. The government and industry will discuss over it," said Rupani.

KEY FEATURES

  • Common GDCR for realty projects in entire state 
     
  • Realtors to have better clarity on rules and regulations
     
  • FSI raised up to 4, cities to get skyline 
     
  • Common amenities not to be a part of FSI 
     
  • Houses to get cheaper, more units to be constructed 
     
  • Govt wants iconic buildings on the lines of Dubai, Singapore, Hong Kong
     
  • Rain water harvesting, water recycling encouraged for projects
     
  • Town Planning (TP) schemes to be expedited
     
  • Reserved portion for non-TP plots are restricted to 20 per cent

Jaxay Shah, chairman of CREDAI India said that continued urbanization will result in huge growth in demand for residential and office space in the country. Accordingly, by 2030 the number of urban households in the country is expected to rise to 386 million, or 40 per cent of country's total residents." Affordable housing will remain the dominant segment. Total of 10 million units will be delivered under PMAY by 2020 itself. However, the demand will gradually shift towards the 'middle' segment. As delivery capabilities and balance sheets of developers have come into greater focus, buyer preferences are already shifting towards better quality or branded developments," said Shah.

Shekhar Patel, chairman, CREDAI in Gujarat while addressing the media said, "Earlier the cost of land was divided among limited number of floors. Now it will be divided among more floors. So the cost of houses will come down."

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