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CM Devendra Fadnavis and Uddhav Thackeray unveil state’s new housing policy

In an indication of a growing bonhomie between the BJP and the Shiv Sena ahead of the forthcoming BMC elections, the state’s new housing policy was unveiled at a public function at Ghatkopar’s Pantnagar area, in the presence of Chief Minister Devendra Fadnavis and Shiv Sena chief Uddhav Thackeray.

Speaking on the occasion, Fadnavis said, “This is the first part of the housing policy and we intend to release the policy in phases. There will be a separate policy for redevelopment of Dharavi which is Asia’s largest slum. It is true that bids for redevelopment of Dharavi got no response from builders as they think it is not lucrative enough. However, we can’t think from the point of view of profitability, as a government it is our commitment to provide home to residents of Dharavi.”

Fadnavis also announced in-situ redevelopment of around 50,000 slum-dwellers who are living on airport land and the extension of cluster development policy to suburbs.

Under the policy, the state government has tried to give a major boost to the redevelopment of tenanted buildings protected by Rent Control Act 1948. However, builders were not keen on undertaking redevelopment projects in the suburbs as they did not have the benefit of 50 per cent incentive floor space index (FSI), over and above the basic 2.5 FSI, which was available to redevelopment of such buildings in island city. The city between Colaba and Nariman Point in the south and Mahim and Sion in the north is considered as island city.

Under the new policy, builders now have to give back a minimum of 300 sq ft space in such buildings and can offer maximum space of 753 sq ft.

Besides, there will be no compulsion on builders to give housing stock in lieu of getting rights to develop the colonies. The new policy lets them get such rights by paying a premium decided by the government in proportion to the readyreckoner rate.

The builders can get FSI of upto three for colonies on payment of premium which is spread over a plot size of less than 2,000 sq mt. For colonies spread over 2,000 sq mt, builders can get a maximum FSI of 4 but in this case, the builder will have to share the housing stock at a ratio fixed by the government.

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