The civic body has realised that it can get a lot more benefits through the 103 market properties it has across the city. To make this happen, the Brihanumumbai Municipal Corporation (BMC) is reviewing its market redevelopment policy. "We are working on a policy so that the maximum benefit comes to the BMC," said municipal chief Subodh Kumar.
Under the existing policy, which was drafted in 2004, the BMC permits deals on its market properties without even calling for bids: A majority of 70% licensees of any market can appoint a developer as of now. The BMC's role is only that of verification of the consents given.
The policy, which is being re-drafted, is likely to call for tenders for market redevelopment proposals, where the best bid will bag the project.
If the BMC decides to redevelop the markets by calling tenders, then as per section 33(21) of Development Control Rules, it can avail a Floor Space Index (FSI) of 4 and it can also offer a concession Transfer of Development Rights (TDR equivalent to how much is built on the market area) to the developer.
Under the present policy, market redevelopment gets an FSI between 1.33 and 2.5, depending on the year when it was built. But this FSI has to be shared with the developer, the sharing ratio between the BMC and the developer being 1:0.6 in the island city and 1:1 in the suburbs, irrespective of the locality. The tender system will mean that the BMC does not have to share the FSI. It can make the most of the additional FSI for the market plot as well as generate tenements for project-affected persons, as rules specify that the additional FSI cannot be exploited commercially, civic officials said. Most of the BMC's 103 markets need repairs. The redevelopment proposals for 44 markets that the BMC has verified will not be cleared until the new policy is in place.