Issued by: Municipal Corporation of Greater Mumbai | 07 December 2018
Objectives of the Development Plan 2034–
How would it impact overall development of the city?
FSI has been increased in city and suburb to fulfill the growing demand. FSI is linked with road width to ensure development does not result into additional burdening on existing infrastructure. According to the DP FSI stands as per following:
The incentive of 33-7-B and premium reduction will reduce the project cost by 6% in case of for freehold society redevelopment.
Ar. Dhaval M Parsana | 12 December 2018
FSI in the Island City (Zone- Residential/ Commercial)
The government has also reduced premium FSI and fungible area cost by 10% for residential development. While earlier land owner was supposed to pay 60% of the land ASR (annual schedule of rates) to government agencies, now they would need to pay 50% of the land ASR value. The revised decision would bring down total project cost by at least 5% to 6%.
What is in store for Mumbaikars?
Planning authority has proposed up to 5 FSI in CBD for ITes and biotechnology park and smart fin tech centre with 50% premium. The move will lead to increased supply of commercial space at lower cost than the existing price levels. It is estimated that the move will creation 80 lac jobs
In a positive move, the planning authority attempted to open up more land for housing needs by permitting construction of affordable houses in non-development zone with certain conditions. Government has estimated creation of up to 10 lakh flats at affordable prices. We expect majority of these units to be priced in the bracket of 40 to 80 lac
Moreover, for the first time government has introduced incentives for the redevelopment of private society. Societies which are older than 30 years shall have 10sqm of additional area per member or 15% of authorised built-up area as incentive FSI. This incentive FSI shall be consumed within the limit of permissible FSI. The said regulation is introduced in section 33-7-B of DCR 2034.
While rehabilitating slumdwellers, a developer would have to now offer unit admeasuring at least 300 sqft (usable carpet). Earlier builders provided units measuring 269 sqft.
Other key points that would benefit Mumbaikars are:
The DCPR 2034 released by Maharashtra government specifies the ways to develop city in a phased manner that offers benefits to all the industry stakeholders as well as Mumbaikars. We can say it is a rulebook for real estate and construction industry. It directly impacts day-to-day life of all the Mumbai residents as parks, recreational space and social amenities as well as roads are all planned according to the provisions of the DP plan.
