Buildings near Metro lines to get Higher FSI in Mumbai
June 08, 2018
Buildings on the periphery of Metro railway corridors in Mumbai may get higher floor space index (FSI) for redevelopment, albeit at a premium. Residential and commercial areas in the influence zone of Metro routes will be allowed to develop in a denser manner through land uses that support access to public transport.
The state government is working on commissioning a transit oriented development (TOD) model for Metro routes being commissioned in the Mumbai Metropolitan Region (MMR), beginning with the 16.5km Metro-7 route between Dahisar East and Andheri East as a pilot project. There are plans to extend the route to Bhayender East and the Airport.
"We will be floating a Request For Proposal (RFP) for the appointment of consultants to identify stations on the corridor and grade them according to the potential," said B.C Khatua, project director of the state government's think-tank and policy incubator Mumbai Transformation Support Unit (MTSU). The consultants will suggest the FSI to be given, premium that may be charged, planning tools and the type of development (residential or commercial) to ensure the highest monetisation without compromising on the city's integrated urban development plan.
"This will reduce the private transport footprint... As areas abutting stations will have access to public transport," he added, stating that the policy will help strategise land use planning.
The RFP is expected to be floated by month-end, with the study being launched by September-end. The report is expected to take around a year.
While ensuring monetary returns for the Mumbai Metropolitan Region Development Authority (MMRDA) to execute such projects, the idea will help redeveloped properties fetch higher value after paying premium for extra FSI.
Once the model is adopted on other Metro corridors, which pass through Brownfield areas, it may help redevelop the old, cessed buildings in the city while in lesser developed, Greenfield areas in the MMR to be connected by Metro, it can ensure holistic land use planning.
The MMRDA has been designated as a special planning authority (SPA) for stations, casting yards and tracks on five routes, namely: Metro 2B (DN Nagar-Mandale), Metro 4 (Wadala-Ghatkopar-Mulund-Thane-Kasarvadavli), Metro 5 (Thane-Bhiwandi-Kalyan), Metro 6 (Swami Samarth Nagar-Vikhroli), and Metro 9 (Mira Bhayander-Chatrapati Shivaji International Airport).
According to MMRDA officials, the civil work for Metro-7 and Metro-2A, which began in 2016, is running almost two months behind schedule due to various reasons. The civil construction on both corridors will be completed by April 2019.
The overall cost for the two is expected to be around Rs 13,500 crore and average daily cumulative ridership is anticipated to be around 8 lakh.
The MMRDA is self-financing the civil construction and track laying for both the corridors and funds for the remaining — systems, signalling, rolling stock (coaches) — are being sourced via the Asian Development Bank.
While the MMRDA is constructing four Metro lines (Metro-7, Metro-4 and Metro-2A and Metro-2B), the MMRC is building the Colaba- Bandra- SEEPZ Metro-3.
Share This:
Read all Thane Real Estate Latest News
To Know About Best Real Estate Projects In Thane Contact Us at 022 2580 6868
Source: www.dnaindia.com