The Pune Municipal Corporation (PMC) has recommended minimum 50 per cent of the Ready Reckoner rate for issuing premium Floor Space Index (FSI) for constructions within the city.
Premium FSI — which has to be purchased after making a payment to the PMC — can be used on the TOD (Transit Oriented Development) route, and all projects on this corridor.
According to newly approved Development Control (DC) rules in January, PMC has been given powers to issue additional FSI to constructions on the Transit Oriented Development (TOD) route, along with Metro rail and Mass Rapid Transit System (MRTS), within the city after charging a premium for it and depositing half of the revenue collected with the state government.
However, the state government has retained the power to decide the rates of Premium FSI. The state government had urged the civic body to recommend the rates for premium FSI so that it could finalise them. The delay in finalising the rates had led to permissions for new constructions, along the TOD route, being kept on hold.
On Thursday, the PMC made recommendations to the state government on premium for additional FSI for constructions. The rate for premium FSI would be 50 per cent of the Ready Reckoner rate, where it was upto Rs 35,000 per sq metre, which is mostly in suburbs.
It would be 60 per cent of the Ready Reckoner, where the rate is Rs 35,000 to Rs 55,000 per sq metre, and 70 per cent of Ready Reckoner, where it is more than Rs 55,000 per sq metre. The maximum area, where the Ready Reckoner rate is more than Rs 35,000 per sq metre, falls in the old parts of city.
The Indian Express had highlighted how the delay in finalising premium FSI rates was affecting the real estate industry negatively.
Pune Mayor Mukta Tilak had then urged the civic administration to speed up the process to ensure that the construction industry does not get affected.