Mumbai: In a major boost to development and reconstruction of buildings on the island city, the state government has decided to give additional 0.5 floor space index (FSI), which is the ratio between the area of a covered floor or built-up area to the area of that plot on which a building stands, by charging 60 per cent premium on it.
The 25 per cent premium collected would be used for the redevelopment of Dharavi and Bandra-Versova Sealink project.
The urban development department (UDD) will soon make changes in the Development Control Rules (DCR) in this regard.
The decision has been taken in the wake of the government achieving its revenue target as well as to give a boost to the real estate sector in the city. “The urban development department has decided, in the public interest, to allow additional 0.5 FSI in the island city of Mumbai by recovering 60 per cent of the premium as allowed in suburbs and extended suburbs. The government has also decided to distribute each 25 per cent of the premium for providing funds for the Dharavi Redevelopment Project (DRP) and Bandra Versova-Sealink Project,” an official from the UDD said.
The UDD has put a few conditions to avail the 0.5 FSI for the island city. “Additional 0.50 FSI is optional and non-transferable. It is to be granted on application and to be used on the same plot. Premium shall be shared as follows: 25 per cent to the government of Maharashtra, 25 per cent to Dharavi Redevelopment Project, 25 per cent to Maharashtra State Road Development Corporation for the Bandra-Versova Sealink Project and 25 per cent to Municipal Corporation of Greater Mumbai,” the government notification said.
Other technical conditions include no vertical extension of existing building by utilising 0.50 FSI shall be permitted with erection of columns in the required marginal open spaces. The tenement density shall be relatively increased as per the increase in FSI above 1.33 and 0.50 additional FSI shall not be permitted in areas where restrictions /prohibitions have been imposed under any other acts.
