May 18, 2018

Following complaints from real estate developers regarding the proposed premium to be levied in exchange for the extra FSI, the Brihan Mumbai Municipal Corporation (BMC) has shown its willingness to look at reducing the rates, a top official said.

The premium on fungible Floor Space Index (FSI) currently is 60 percent, 80 percent and 100 percent of stamp duty as per the ready-reckoner rate for residential, industrial and commercial development, respectively.

One-third part of the premium is payable to the state, and the remaining to the BMC.

"Yes, the cost of getting a permit in Mumbai is expensive and there is no doubt that it is high as compared to any other part of the country. But now we are having a rethink and relooking at the issues," BMC Commissioner Ajoy Mehta said at a CII event here May 18.

FSI is the ratio of total built-up area to the size of the plot.

He said while the Corporation will rethink about the issues raised by developers, "they (developers) should understand that it (premium on FSI) is also a source of revenue for it."

Mehta further said the Corporation is in the process of drafting a transition policy till the new Development Plan (DP) 2034 is implemented.

"We are aware that the implementation of the new DP will take some time. Until then, we are drafting a transition policy and we are seeking suggestions and objections from the stakeholders. We are hopeful that we will soon come out with it," he added.

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