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GOVT’S FSI GIFT TO SUBURBS COMES WITH A PRICE TAG

The state’s good news of granting Floor Space Index to the suburbs on par with the city may come with a price as those living in the suburbs will have to shell out a premium depending on their location. Even as the state government issued a notification granting Floor Space Index to the suburbs on par with the city raising it from 1 to 1.33, a closer look at it reveals that those living in the suburbs will have to shell out a premium depending on their location. For instance, those living in Bandra will have to shell out Rs 8,000 plus 30 per cent of the Ready Reckoner rates, if they want to avail 1.33 FSI while developing or re-developing their houses. The current RR has put Bandra in a premium bracket with property rates soaring to Rs 20,000 per sq mt and above. However, residents of Gorai, Mankhurd, Turbhe and Manori will pay the least premium – 70 per cent of the land rate that is Rs 7,000 per sq mt. The premium amount recovered from the developers will be shared equally by the state government and MCGM. So while you will have to shell u extra for the additional FSI, both the state and MCGM will milk the real estate market to augment their treasury. Bureau report – NMTV

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