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Redevelopment plans in Mumbai await hike in FSI

Submitted by on Friday, 23 July 2010No Comment

pic no.a139The dilemma faced by Maharashtra government on whether to grant FSI of 3 for reconstruction of old and dilapidated buildings has virtually stalled the redevelopment of these buildings in Mumbai.

In 2009, former CM Vilasrao Deshmukh had announced that residents of chawls and old buildings would get houses of 300 sq-ft carpet area. After the announcement, the BMC has received 241 proposals till date for redevelopment under Section 33 (7) of the Development Control Rules. Many of these projects are yet to take off as builders await the increase in FSI.

According to Mhada records, there are around 16,142 such buildings in the island city.

The effect has been felt largely in Matunga, Dadar, Mahim, Shivaji Park areas where there are several old and dilapidated buildings built on plots leased out by the BMC during the British era for 999 years. These are small plots and the increase in various charges by the BMC has completely stalled their redevelopment, claim developers.

The development cess is Rs5,000 per sq-mt, the one-time premium is approximately Rs 14 lakh per 100 sq-mt and the transfer charge is 50 per cent of the ready-reckoner rate. So if the plot is in Matunga and the ready-reckoner rate is Rs40,000 per sq-mt, then the transfer fee is Rs20,000-per sq-mt, which is another Rs20-lakh for a 100 sqmt plot. With FSI of 2.5, the redevelopment project becomes economically unviable and therefore, 3 FSI is necessary, feel developers.

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