IE : MMRDA to discuss doubling FSI in Bandra Kurla Complex : Aug 30, 2007

MMRDA to discuss doubling FSI in Bandra Kurla Complex
By IE
Thursday August 30, 01:50 AM

With a business development plan for the Mumbai Metropolitan Region pegged
to cost about $50 billion-or 40 times the cost of the Mumbai Urban Transport
Project-hiking the revenue-earning potential of open plots in the Bandra
Kurla Complex area by doubling the floor space index (FSI) from 2 to 4 could
be a powerful tool. So, when the Mumbai Metropolitan Region Development
Authority (MMRDA) submits its report on the proposal of increasing FSI, one
compelling argument will be that with rates for plots now based on their
buildable office space, a large resource pool can be created from the
auction of open plots.

Following the submission of suggestions and objections by various parties,
including those owning commercial space or open plots in the business hub,
the authority members will take up the matter for deliberation at their next
meeting. Already, the proposed Dharavi Redevelopment Project will see an FSI
of 4 within the project area.FSI is a ratio of how much space a developer
can build on a plot of a given size.

"Most people we heard have been positive to the idea, but with certain
suggestions," said Joint Metropolitan Commissioner Milind Mhaiskar. "For
example, several have stated that increased FSI requires improved
infrastructure."

The MMRDA's view on strengthening the road and drain network, parking lots,
open spaces and other amenities in the BKC area is that the
infrastructure-enhancing process is a simultaneous one, as with the MMRDA's
other projects including road widening works and the Metro Rail.
"Land prices in Mumbai are skyrocketing, some real estate in Mumbai is more
expensive than Manhattan," said Mhaiskar. "And unless land supply is
increased, nobody will be able to do business or buy office space in the
city."

The continued growth of the city and of the larger outback region of the
MMR-ten times the size of Mumbai-depends to some extent on the ability of
planners to keep pace with demand for office space, he pointed out.

Publication : IE; Section: MN; Pg : 2; Date : 30/8/07
URL  :http://in.news.yahoo.com/070829/48/6k32j.html