To affordable houses, increase FSI: Godrej Chairman

Mumbai: As real estate market has witnessed of slowdown and mounting rates of interest from last several months, despite this fact Godrej Properties has recorded the highest-ever quarterly sale of 1.6 million sq ft in the very financial year till March2011. Godrej has registered a sale of 3.2million sq ft in FY-11 apart from the ventures which add up to another 0.8 million sq ft.
While talking to reporters Mr. Adi Godrej Chairman of Godrej Group said that “due to increasing demand for residential properties in Ahmadabad, Kolkata and Gurgaon, the fourth quarter was higher than all the previous three quarters. According to several reports and analysts also citing that in Mumbai and Delhi real estate market is facing slowdown. But we can’t predict entire country on only cities reports. He added that “approx 50 per cent of the demand for residential property is in the range of Rs 2,500 to Rs 4,500 a sq ft.”
As Mumbai is densest city in the entire country, so Government should have to understand the condition and have to increase the FSI from the contemporary 1-1.5. This would be enhance supply and may bring down the cost and it is make the real estate affordable to common man as per the Mr. Pirojsha Godrej, Executive Director, Godrej Properties.
India has a huge scope for rising FSI, considering that the fast growing countries such as Hong Kong and Shanghai has a FSI of 10 while it is 30 in Manhattan, the US, said Mr Adi Godrej.

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