By Accommodation Times News Services
The much more spoken over issue in the real estate sector in Mumbai, is increase in floor space index (FSI) for the redevelopment projects going in the City. Chief Minister Prithviraj Chavan issued a benchmark order of increasing the FSI for the redevelopment of cessed buildings from 2.5 to 3. On October 5, CM announced his decision over the grant of increased FSI for ongoing redevelopment projects, along with the permission of modifying the norms for the redevelopment of 5, 000 old buildings in MHADA colonies in Mumbai and increasing their FSI also from 2.5 to 3.
The increased FSI will also be beneficial for the 2, 200 ongoing projects of redevelopment which were granted FSI of 2.5, now those projects will also be sanctioned FSI of 3. Whatever the stage of construction is reached the developer can use the FSI. The decision does not include the conditions to impose submission of structural stability certificate.
Earlier, this condition was imposed by the state government for grant of additional FSI in case of cessed buildings, but the Bombay High Court in it’s March 20, order waived off the condition, as the decision was challenged by a developer stating the imposing of the condition was unconstitutional and ultra vires. But, state housing departments senior official had insisted to include the structural stability imposition.
Chavan in a statement said, “it was very necessary to initiate this decision as it will benefit many projects and bring progress and stability, the initiative also include modified scheme to replce the failed rental housing policy ”. On October 5, Chavan had called a meeting to discuss the important factors regarding the decision with urban development and housing department officials. Also, the rental housing model would be replaced by a model for construction of affordable houses. The government is planning to lower the FSI of 4 allotted to developers for rental housing schemes to 3.
Prasad Lad, Chairman of Mumbai Building Repair & Re-Construction Board (MHADA), was asked about the decision he said, “it is an important decision initiated by CM, the decision has been announced for facilitating the developers with more space to construct more housing units and avail people with lrge and sufficient sized housing units.”