In order to boost redevelopment in the Maharashtra state capital, the Devendra Fadnavis-led State Government decided to offer extra space for tenanted buildings and old housing societies. The extra space commonly termed as FSI i.e. Floor Space Index will be given to those property owners and the housing societies who have already used their entire area for the developmental process a long time ago.
According to the new Development Control and Promotion Regulations (DCPR-2034), the Government provided additional FSI of up to 70% of the current build-up area in case five tenanted buildings have to undergo a joint redevelopment procedure. This benefits many city residents as the current property owners in tenanted buildings will get 12% additional carpet area in their new housing premises. As per the rules, BMC i.e. Brihanmumbai Municipal Corporation entitled the property owners before 1996 to minimum 300 sq. ft. carpet area and they are required to deal with builders to acquire more than this size.
For old housing societies, the developers will get an incentive to carry out the redevelopment procedure for which a 15% concession and additional FSI can be availed by paying a premium to the Brihanmumbai Municipal Corporation. The guideline also states that the societies who have already paid a premium for the staircase and lift lobby areas during the construction are not required to pay again for the redevelopment. Also, the developers can avail this benefit only after getting consent by the current residents. These issues will be dealt under DCPR Section 33 (7)(A) and 33 (7)(B). Interestingly, the developers can construct additional flats in the extended FSI and sell them to earn a profit and recover expenses made by him/her.
The redevelopment process is in pipeline for many years and now the Government is set to get it done.