NEWS

Mumbai: Incomplete building projects can benefit from new development rules

October 19, 2018

In a boost to the realty sector, BMC will allow developers whose projects are incomplete to continue their construction under the new development control regulation (DCR-2034), which provides for more FSI potential on plots.

The decision was taken by Civic Chief Ajoy Mehta on October 17 at the first meeting to prepare a transition policy for projects started under DCR-1991. While all such projects will be allowed to migrate to the new DCR, builders will also have the option of completing construction under the old norms if all permissions have been already obtained. Any new permission related to construction will henceforth be given only under DCR-2034.

Mehta said, "Even projects that are half-way through can migrate. In such cases, the development potential of the entire plot will be calculated under the new norms. After deducting the FSI used, the builder will be allowed to use the remaining FSI while completing the work."

Sources say this will benefit several builders because under the new DCR, development potential of a plot is calculated on the gross area though 15% is reserved for open space for building residents. A builder can also migrate an entire project cleared under DCR-1991 by taking fresh clearance.

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Source:magicbricks.com