Increase in built-up area in suburban Mumbai welcomed

October 21st, 2011 - 11:50 pm ICT by IANS  

Mumbai, Oct 21 (IANS) Welcoming the state government’s decision to offer additional building construction space of 0.33 percent for a premium, the Maharashtra Chamber of Housing Industry (MCHI) said Friday this was much awaited.

Stating that the clearance was definitely a step in the right direction, MCHI President Paras Gundecha said: “The government, however, needs to take many more such decisions to make the dream of Homes for All a reality.”

Gundecha said that decision had come at a welcome time as it was the festive season.

“Coming at the time it has, it is definitely a cause for the consumer to celebrate and we look forward to our continuous involvement in more such achievements the state government,” he said.

MCHI is also awaiting decision on other issues like Affordable Housing Scheme and clarity on the Rental Housing Scheme, both of which will increase the supply of homes in the market.

“By finally taking a decision on the 0.33 increase in FSI, in MCHI’s estimate, the coffers of the BMC will be enriched by another Rs.1,000 crore per year, which will go towards infrastructure development in Mumbai, thereby building a better city,” Gundecha said.

Currently, 1.33 FSI is available in island city including south Mumbai. It has now been extended to the suburbs.

Besides pouring in annual revenue of around Rs.500 crore into government coffers, the move would help reduce property prices in Mumbai — among the highest in the world — with more stocks of housing made available, a government official had said after the decision.

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