2.5 FSI approved by CM for Navi Mumbai’s old bldgs

By Accommodation Times News Services

Prithviraj ChauhanChief Minister Prithviraj Chavan gave approval to 2.5 floor space index (FSI) for old and dilapidated Cidco constructed buildings in Navi Mumbai. The much delayed approval was finally given nod on Tuesday, the move is aimed to commence faster redevelopment of such buildings.

Though City and Industrial Development Corporation (Cidco) had proposed 3 FSI, CM decided to keep the FSI to 25. CM also gave approval to the slum rehabilitation authority (SRA) scheme to redevelop slum areas in the city. He also agreed with regularization of unauthorized constructions undertaken by project affected persons in the villages. Official notification will be issued in around four days sources said.

Developers and industry experts are pleased with the decision and have welcomed the move saying it will open up the realty market in the already-saturated nodes of Navi Mumbai.

Experts say the move will boost the real estate market of Navi Mumbai within four to five years. They said, places like Vashi, where new construction has dried up for want of space, builders will be able to create more houses. The present per square foot rate in Vashi is Rs. 15,000, which is likely to drop to   Rs. 12,000 after redevelopment of old buildings.

Still some real estate professionals have to say that besides FSI issue there are many other factors related to redevelopment of societies, like clearances which has to be taken and most important environmental clearances.

Even some people are against the CM’s approval of 2.5 FSI, and have objected that without issuing notice and considering peoples suggestions and objections, such approvals cannot be granted.

Chief Minister Prithviraj Chavan gave approval to 2.5 floor space index (FSI) for old and dilapidated Cidco constructed buildings in Navi Mumbai. The much delayed approval was finally given nod on Tuesday, the move is aimed to commence faster redevelopment of such buildings.

Though City and Industrial Development Corporation (Cidco) had proposed 3 FSI, CM decided to keep the FSI to 25. CM also gave approval to the slum rehabilitation authority (SRA) scheme to redevelop slum areas in the city. He also agreed with regularization of unauthorized constructions undertaken by project affected persons in the villages. Official notification will be issued in around four days sources said.

Developers and industry experts are pleased with the decision and have welcomed the move saying it will open up the realty market in the already-saturated nodes of Navi Mumbai.

Experts say the move will boost the real estate market of Navi Mumbai within four to five years. They said, places like Vashi, where new construction has dried up for want of space, builders will be able to create more houses. The present per square foot rate in Vashi is Rs. 15,000, which is likely to drop to   Rs. 12,000 after redevelopment of old buildings.

Still some real estate professionals have to say that besides FSI issue there are many other factors related to redevelopment of societies, like clearances which has to be taken and most important environmental clearances.

Even some people are against the CM’s approval of 2.5 FSI, and have objected that without issuing notice and considering peoples suggestions and objections, such approvals cannot be granted.





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