Additional FSI to be available indefinitely in BKC

The notice was issued weeks after a clutch of developers’ bodies met the Mumbai Metropolitan Region Development Authority (MMRDA) and requested for an indefinite extension of the timeline to avail additional FSI at a promotional rate in the BKC

Mumbai: Developers can continue to avail of additional floor space index (FSI) in the Bandra Kurla Complex at a promotional rate indefinitely, the state government has decided.

Additional FSI to be available indefinitely in BKC

“The promotional rate of premium for allotment of Additional Built-Up Area (ABUA) shall continue to be applicable up to 18/07/2026 and thereafter, the applicable rate of premium and the terms and conditions for allotment of the balance Additional Built-Up Area, shall be resolved by Authority of MMRDA, from time to time,” a notice issued by the urban development department in August said.

The notice was issued weeks after a clutch of developers’ bodies met the Mumbai Metropolitan Region Development Authority (MMRDA) and requested for an indefinite extension of the timeline to avail additional FSI at a promotional rate in the BKC. The groups that met the MMRDA included the Confederation of Real Estate Developers’ Associations of India (CREDAI), the Maharashtra Chamber of Housing Industry (MCHI), the National Real Estate Development Council (NAREDCO), the Brihanmumbai Developers Association (BDA), the Practising Engineers Architects And Town Planners Association (PEATA) and the BKC Property Owners Association.

The urban development department’s notice said that the high level committee met on November 23, 2022, January 12, 2023 and May 12, 2023 to deliberate on various issues pertaining to additional FSI in BKC and submitted its final report to the state government on July 10, 2023. The report recommended amalgamation of blocks ‘E’ and ‘G’ and a global FSI of four, which was sanctioned “to bring parity between the developments in BKC and Brihanmumbai Municipal Corporation area”.

A 50% relaxation in car parking requirements has been approved to encourage higher FSI consumption.

CREDAI-MCHI’s June letter had stated that the MMRDA had not yet meaningfully brought additional built-up area in new buildings into the market.

After the urban development department issued the notice in August, the MMRDA received requests to allot 141,775 square metres eight 8 applications. To permit utilisation of additional built-up area in the central business district, the MMRDA sought ₹1,629.84 crore, at around ₹1.15 lakh per square metre or ₹10,680 per square foot. The built-up area price in BKC, as per the latest auction conducted by the MMRDA, is ₹482,992 per sqm or ₹44,872 per sqft.

On May 11, the MMRDA opened nine plots in the BKC for long-term lease, with a cumulative area of 53,461 sqm or 13.21 acres. Five plots are reserved for commercial use, and the rest for residential use. The latest deadline to submit quotations was Monday and bids will be opened on Wednesday.