By Dr Sanjay Chaturvedi
The FSI is still 2 inclusive of TDR. The government of Maharashtra have notified one and half year back cabinet decision to impose use of 0.33 from the TDR quantity. Suppose a plot is 100 sq.ft. and FSI is one. One FSI plus 0.33 premium FSI plus 0.67 TDR comes to FSI=2 and not 2.33.
In south Mumbai, where there is no TDR applicable hence the premium FSI will be a boon in the area.
Media reports have misguided that FSI is increased. The 0.33 premium will be on Stamp Duty Ready Recknor rates for land and FSI will be applicable. Which means, state government wants its share in TDR market at the price fixed at Stamp Duty Recknor rates.
The property prices will increase since TDR rates are ranging from Rs.2300/- to Rs.3000/- per sq.ft. and Premium FSI will cost Rs.7500/- in Bandra West area or at a place like Kandivali where the land and FSI cost is Rs.3500/- per sqft. according to Recknor.