New TDR policy to hit suburban redevelopment in Mumbai, say builders
Now, instead of the blanket FSI of 2 currently in force, the new rules will base the TDR on the width of the road along the project sitesmumbai Updated: Nov 18, 2016 01:37 IST
The new Transfer of Development Rights (TDR) policy linking Floor Space Index (FSI) to the width of the roads will impact the redevelopment projects in the suburbs of Mumbai, say builders. Now, instead of the blanket FSI of 2 currently in force, the new rules will base the TDR on the width of the road along the project sites.
Under the new policy, any project on the road along the site less than 9 metres will get no TDR benefit while all projects abutting roads over 30 metres wide will get a bonanza of 2.5 FSI .
According to Paras Gundecha, Chairman and Managing Director, Gundecha Group said the move will affect the revamp of suburbs. “There are lots of buildings where the roads are narrow and our viability will be hit if the FSI is reduced,” said Gundecha while adding, “This will ensure that only few projects on main roads will take off while the others will be left in a lurch.”
The new proposal has 1.5 FSI for plots where the road is in the range of 9-12 metres wide, while for roads in the range of 12-18 metres, the FSI is 1.75. The move benefits plots, the adjoining road to which is in the range of 24-30 metres, where he gets a FSI of 2.25 and for all plots above 30 metres road width, builder gets 2.5 FSI.
Similar is the grouse of Shraddha Lifescapes which said that the policy is tailor-made to benefit big builders. “It would be windfall of profits for builders with huge plots and corresponding bigger road width as they will get more FSI of 2.5 instead of the current 2,” said Bhavesh Sanghrajka, CEO, Shraddha Lifescapes.
In the suburbs, the builders get a base FSI of 1 which is equivalent to the area of the plot. He then purchases an additional 1 from the TDR lobby thus bringing the total FSI to 2. Of this, the builder uses 60% to rehabilitate the old tenants and the rest 40% is used as a sale component which he sells in the open market.
Sanghrajka said the main issue now will be the agreements executed by various residents with the builders. “Now the entire agreement would have to be reworked and this will only delay the entire revamp process,” he added.
Even environmentalists have opposed the new policy saying it will only add to the chaos. “Higher FSI will result in bigger complexes and what we are seeing are huge traffic jams even on bigger roads due to this reckless construction,” said noted environmentalist Debi Goenka.
The state government, however, defends saying that it was imperative to link the two. “We cannot allow skyscrapers to come up when the existing roads are narrow,” said a senior official.
First Published: Nov 18, 2016 00:15 IST