The Brihanmumbai Municipal Corporation (BMC) has opened doors for redevelopment of over 35,000 old buildings that have exhausted their FSI and have no scope of further redevelopment.
The BMC will offer 40 per cent of the total built-up area (BUA) as an incentive to the housing societies. A society can use the proceeds from the sale of this incentive to meet the construction cost of their own building. They will not charge any kind of premium or extra cost for the same. This will only be applicable for buildings which are more than 30 years old.
MUMBAI: Ageing residential societies that have already reached their development potential will now get additional built-up area that they can sell to facilitate their long-pending redevelopment.
The BMC is paving the way for redevelopment of over 35,000 old buildings which have already consumed their existing floor space index (FSI) but will now be allowed redevelopment with an additional incentive of 40 per cent of the total built-up area (BUA). The revised development control rules (DCR) have allowed the housings societies to sell the additional BUA in the open market to recover the cost of construction, helping thousands of residents to get larger homes.
Thu, 12 May 2016-08:30am , dna
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