400 builders in MMR and Pune to waive stamp duty
Mumbai: Shiv Sena-BJP ruled Municipal Corporation of Greater Mumbai has come out with a revised draft development plan which recommends hike in the floor space index from the present 1.33 to 2 and in some cases even up to 5. FSI is the ratio of a building's total area to the measurement of land on which it's constructed.
Municipal commissioner Ajoy Mehta said the new draft plan proposes to hike FSI up to 2 from the current 1.33 in the island city and 1 in suburbs. For construction of five-star hotels and commercial development, it proposes FSI of 5 from the present 3 to 3.5.
FSI of 4 is proposed for the markets and other public amenities. For the buildings developed by the state-run Maharashtra Housing and Area Development Authority (MHADA), FSI of 4 has been proposed from the present level of 2.5 to 3. Interestingly, the civic body has refrained from proposing any change in current FSI of 3 for the cessed buildings (old buildings which pay maintenance cess).
However, in a bid to give a push to affordable housing and townships, it has recommended the FSI of 4 for such projects.
"This draft plan has an overall goal of balancing the (needs of) economy with environment and social equality" as well as providing employment to 8 million people, Mehta said. The draft also includes provisions for multi-purpose housing, vending areas and skill centres for women as well as old-age home in each ward.
Real estate stocks held up today despite broad selling pressure in the market. Nifty Realty index was up 2.2 per cent.
Indiabulls Real Estate (9%), Anant Raj (6%), Orbit Corp (5.8), HDIL (3.75%) and Godrej Properties (3.2%) were among major gainers in real estate pack.