Mumbai, Nov 18: 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 property experts. 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 .The move will affect the revamp of suburbs as there are lots of buildings where the roads are narrow and viability will be hit if the FSI is reduced.
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.
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.
Nikhil Samani of Milan group 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.