100 Per cent premium on additional FSI
Mumbai state government cleared 100% premium on the additional 25% Floor Space Index (FSI). While the premium charged on residential projects has been fixed at 100%, the premium for industrial areas will be charged at 125% while that for commercial projects will be fixed at 150%. Currently, builders are known to sell flats with added facilities like an open terrace or a huge flower bed area added to a living room. While the builder charged the buyer for it, they did not pay anything for the same.
The notification, which according to a senior government official, was signed by chief minister Prithviraj Chavan on Monday aims at bringing in transparency and bringing in a legalized system in place.
Floor Space Index (FSI) is the ratio of permissible built-up area allowed vis-a-vis the size of the plot and now the new notification calls for charging 100% premium on the additional 25% Floor Space Index (FSI) that developers are allowed to use in a residential project plan.
According to sources in the urban development department, this move will help the Brihanmumbai Municipal Corporation (BMC) rake in around Rs 2,500 crore annually by levying a hefty premium on project areas that are beyond the permissible FSI. This money, the state government sources say, will be used for infrastructure development of the city.
Hindustan Times
100 Per cent premium on additional FSI, Floor Space Index, FSI, Mumbai, Mumbai additional FSI, Mumbai FSI, Premium on additional FSI
100% premium will badly affect redevelopment of old buildings. Hence this rule should be applicable for only new projects.No builder will be interested in redeveloping old buildings Alternatively FSI should be increased.otherwise people living in old buildings over 40 yrs old will be forced to continue living dangerously in dllapiited structures