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REALTY DEBATES AS UNION HOUSING MINISTER SETS TONE ON FSI ISSUE IN MUMBAI

April 5, 2013
Ravi Sinha highlights the views of union minister of housing Ajay Maken on FSI and figures out which way are mega cities like Mumbai headed.

Manoj John – VP: Corporate Planning & Strategy, RNA Corp also maintains that there is a correlation between cost of FSI and the nature of development that is viable, given the high cost of land, with limited development potential. If more can be built on the same land, the cost of land attributable to the project which is as high as 50-80 percent of the same project cost, would come down. Hence it would be viable for the developer to build residential projects at lower costs and hence make it more affordable.

In a city like Mumbai, affordable housing is in the ticket size of 25 to 50 lakhs and EWS housing is 10 to 25 lakhs. I believe that is the cost of FSI can come down to one-fourth of what it is today, then it is viable for the developers to build houses within city limits that can be sold for about Rs. 4000 – 5000 per sq. ft. Today these rates exist in locations 30-40 kms away from the city, he says.

Times Property Plus Central 5 April 2013
PPC April5-2
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