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Wednesday, December 08, 2021

Builder to get refund if additional FSI remains unused

In cases where the FSI was not utilised for projects, it has been decided to return the money and charge 10 per cent of the premium as administrative charges.

By: Express News Service | Mumbai |
October 29, 2021 5:11:58 am
Maharashtra, Maharashtra development, development, floor space index, FSI, MumbaiNiranjan Hiranandani of the Hiranandani group said, “It is a very good move. If a developer is not able to use the FSI, he must get a refund. At times, builders buy FSI and can't use it. The idea should be charge for real usage.''

The state urban development department on Thursday issued a notification stating that a builder who has paid for premium for additional floor space index (FSI) and not utilised the same can get a refund after giving the urban local body 10 per cent as administrative charges. The notification was issued by Nirmal Chaudhari, Under Secretary (urban development-1).

A department official said. “Under Section 154 of the Maharashtra Region Town Planning Act, the department on March 14, 2016 had allowed levy of premium in respect of permitting additional FSI for educational, medical institution building and star category hotels. In cases where the FSI was not utilised for projects, we have decided to return the money and charge 10 per cent of the premium as administrative charges.”


Niranjan Hiranandani of the Hiranandani group said, “It is a very good move. If a developer is not able to use the FSI, he must get a refund. At times, builders buy FSI and can’t use it. The idea should be charge for real usage.”

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