The real estate sector in Mumbai gets a boost as the Brihanmumbai Municipal Corporation [BMC] allowed developers/realtors to complete their projects which are currently under-construction. This sanction is given under the New Development Control Regulation (DCR-2034). According to the New Development Control Regulation, the Government is offering more FSI potential on the plots.
Ajoy Mehta, the civic chief took this decision recently after chairing the first meeting for preparations of transition policy for real estate projects that are commenced under DCR-1991. From now, all projects can transfer to the DCR, and thus the builder can now finish their projects for which they have already acquired permission.
From now the permission related to the construction of projects will be given under Development Control Regulation -2034.
Ajoy Mehta further said that the projects that are mid-way can also transfer to the new DCR and in such cases the development possibility of the entire plot will be calculated according to the new rules. Also, the developer will be eligible to use the remaining FSI to complete the work after deducting the used FSI.
According to the experts, the developers will benefit from the new rule because the development potential of a plot will be calculated on the gross area and 15% is reserved for open space in the building under the new Development Control Regulation.
As per the new rule, a developer/builder can also shift his/her entire project under the new Development Control regulation -1991 by seeking fresh clearances.
Earlier, the Development Plan-2034 for the Mumbai city came into existence from September at a partial level. According to this plan, the residents have the right to make internal changes to their unit without seeking the consent from BMC [Brihanmumbai Municipal Corporation]. This is because the internal changes are not the major structural amendments.