A day after the municipal corporation cleared the proposal to impose 100% premium on floor space index (FSI) on some areas of residential buildings, the Confederation of Real Estate Developers Associations of India (CREDAI) has asked the civic body to “seriously rethink” the proposal.
“Any move towards ensuring transparency is welcome, but it is sad that planners and policy makers are wasting their instead of tackling the larger issue,” said Lalit Kumar Jain, national president of CREDAI. He appealed to the municipal commissioner and chief minister to scrap the FSI restrictions.
“The new norms will only add to the cost but will not help growth of the real estate industry and the availability of housing stock which is in short supply,” said Jain.
The CREDAI urged the BMC to take a cue from other cities, such as Hyderabad, which are doing away with FSI restrictions. “Even the global trend is towards encouraging vertical growth of cities to reduce gobbling up of agricultural land for urban development,” Jain said.
