Windfall for housing societies that have exceeded FSI limits

In a bonanza for hundreds of residential societies that have consumed more buildable space that what is permitted, Mumbai’s new Development Plan (DP) will offer them additional floor space index (FSI).

Written by Sandeep Ashar | Mumbai | Published: September 11, 2018 2:07:36 am
Mumbai building, mumbai skyscrapers, Mumbai development plan, additional floor space index, Devendra Fadnavis, Mumbai news, indian express, latest news Under the prevalent regulations, the 35 per cent additional buildable space, available in the form of fungible FSI, is offered only to buildings that are to be constructed or redeveloped.

Residents of Mumbai’s skyscrapers, who have carried out illegal alterations and additions to increase their flat sizes, can now look forward to these extensions being regularised.

In a bonanza for hundreds of residential societies that have consumed more buildable space that what is permitted, Mumbai’s new Development Plan (DP) will offer them additional floor space index (FSI).

Chief Minister Devendra Fadnavis-led urban development department, which is in the process of finalising the modifications proposed to the DP, has decided to permit 35 per cent fungible compensatory area (fungible FSI) on payment of a premium even for constructed buildings.

FSI is a development tool that defines the extent of construction permissible on a plot. It is the ratio of the built-up of a plot to the plot area.

Under the prevalent regulations, the 35 per cent additional buildable space, available in the form of fungible FSI, is offered only to buildings that are to be constructed or redeveloped. Officials said that the government has now proposed to do away with this rider. “The fungible FSI will also be available for buildings where occupation certificates have already been issued,” said an official.

While hundreds of housing societies are expected to benefit, sources said that luxury residential towers that have come up in upscale areas such as Worli, Lower Parel, Breach Candy, Currey Road and Nepeansea Road — where property rates are among the country’s highest — will benefit the most.

In space-starved Mumbai, it was earlier a regular practice for occupants of residential and commercial units to enclose common areas such as flower beds, niches, terraces and balconies, with these extra areas being offered free-of-FSI (not counted in buildable area computations) to builders till January 6, 2012. Since then, the government has been offering 35 per cent additional FSI on payment of premium for building these extra areas for under construction buildings.

Officials, however, claimed to have found several cases where the builders had sold extra areas at the floor level to flat buyers, who had later enclosed them after the buildings were certified fit for occupation. There are also hundreds of cases where occupants have themselves carried out illegal alterations and additions to buildings.

“Many of these buildings are aging. They are in need for redevelopment. But owing to the irregularity of overconsumption of the FSI, their redevelopment is stalled. Most of these would be regularised if the additional FSI in the form of fungible compensatory area is offered,” said an official.

Municipality officials are also in favour of the move. Besides regularisation of hundreds of buildings, the move will boost the civic kitty. The societies will have to pay 60 per cent of the ready reckoner value (market values as determined by the government) of the plot to avail the fungible FSI. “We expect the revenue collection to be substantial,” said a civic official.

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