The Floor Area Ratio For Delhi Real Estate Has Been Raised
On Wednesday the Urban Development Minister has approved a proposal set in front of them by them by the Delhi Development Authority to increase the floor area ratio abbreviated as FAR. Simplifying this point, we get to the conclusion that this means the amount of building area with respect to the plot area has been increased, which can accommodate more people.
The amount increased is noticeable to the fact that earlier it was 150% for areas between 750 to 1000 square metres, which has now been revised to 200% for the same. Thus increasing the area by a huge amount, and for areas above the 1000 square metres mark, it is raised from 120% to a whopping 200%. This increase in the Floor Area Ratio has helped in the vertical growth or development of the buildings, which has even increased the ground coverage area from a mere 40% to a quite considerable 50%. These new figures has set a new benchmark not only in Delhi but throughout the country, as other building development authorities should be considering this and hence increasing the floor area by a considerable amount. This is surely going to facilitate the common people as they are going to get the apartments at a cheaper rate as the number of apartments in the same plot would be increasing.
Samantak Das, the Chief Economist, and also the Director of Knight Frank India has confirmed that this increase in the Floor Area Ratio has increased the construction area of the plot by quite a considerable amount as this move has allowed an extra 372 square metres of construction in construction project of 750 metres, which is quite high a number to take into account.
This has not only been a boost in the Real Estate Business, but this has also seen a massive rise in the stocks on the Bombay Stock Exchange. The rise has been a phenomenal 10%. It has also been estimated that the rise in the stocks could have been even higher if the rule was set to be followed in the NCR regions as well, including the areas adjoining Noida and Gurgaon.
Article Source: The Financial Express
Delhi Development Authority, Floor Area Ratio, Floor Area Ratio (FAR), Knight Frank India, urban development minister
