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MUMBAI CITY REDEVELOPMENT PROJECTS MAY GET A BOOST ON HIGHER FSI

fsi-1The increase in the floor space index (FSI) could just be the shot in the arm for Mumbai’s redevelopment story. A recent amendment to Section 33(7) of the Development Control Regulations, 1991, has raised FSI, the ratio between the allowed built-up area and plot area available, for redevelopment of cessed buildings from 2.5 to 3. An FSI of 1, for instance, on a plot of 100 square metre implies that one can have a built-up area of 100 sq mt. This comes at a time when redevelopment could revive the sector. Quality land has come at a premium in the commercial capital of India that has resulted in prices often getting to unaffordable levels. A lot of industry trackers, while admitting to that, maintained the road ahead could be fraught with challenges. For instance, the law requires all parties to agree on how a project should be executed. What often comes in the way is a stubborn tenant or a powerful builder, who defers the project or in some cases, or both.

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