Developers in Mumbai can build more if they set aside some space for public parking. The Maharashtra government has come out with an incentive flosor space index (FSI) provision that encourages developers and housing societies to earmark space for a public cause in return of permission to build more. The incentive would not only free up some privately-owned plots or surplus space in housing societies for public parking but also have some impact on the property market since the developers will get extra FSI to build more. In the island city, the maximum permissible FSI, which determines vertical growth of a building in proportion with the plot area, will be 4 under the new parking policy proposed by the state. The provision makes a distinction for areas near railway stations, bus depots, metro stations, water jetties, government offices, and prominent places of worship. If the parking space proposed by developers or societies is within 500-m distance from any of these places, the permissible additional FSI will be available on 50% of the built of parking area.
February 24, 2010