BMC's parking FSI order to hit 11 big projects | mumbai | Hindustan Times
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BMC's parking FSI order to hit 11 big projects

mumbai Updated: Oct 26, 2011 01:33 IST
Ketaki Ghoge
Ketaki Ghoge
Hindustan Times
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In a move that could pinch 11 ongoing mega-projects in the city, the civic body on Monday asked developers to comply with the new public parking norms, which introduced various caps including height restrictions, even if their constructions were approved before the policy was amended in May.

The developers have also been told to retrospectively pay 40% premium on the incentive FSI granted to them in the original policy. If enforced, the decision will prove to be a windfall for state authorities, generating revenues to the tune of Rs1,000 crore, but could cost the developers dear.

The projects include ambitious residential and commercial towers promoted by the city's biggest developers, like Lodha Group, India Bulls, DLF, DB Realty, and Kohinoor, coming up in prime real estate of erstwhile mills in central Mumbai.

BMC commissioner Subodh Kumar told builders about the decision at a meeting held with developers concerned to discuss the issue. They have been given till November 20 to get back with reworked designs to the civic body.