Mumbai, 10th October 2018: The Development Control Regulations (which controls the land usages) powered by the Maharashtra State Government has asked the Brihanmumbai Municipal Corporation (BMC) to calculate the maximum potentiality of development on the gross area of a plot. As per the news on real estate in India, 15% space of a plot is reserved as recreational ground or as open space. That 15% space is excluding the potential development calculation.
This initiative taken by Maharashtra Government is now expected to let the builders of Mumbai build more apartments without proportionally decreasing the open space. This new regulation is applicable to the plots of more than 2,125 Square Meter measurements.
According to the latest property news Mumbai, an architect said, once this regulation put into practice, the development potentiality will grow as the number of apartments will be increased in a plot but, the open space will remain untouched.
To better understand the changed regulation, have a look at the data below.
Earlier in the years 1967 and 1991, the regulations used to allow the BMC to calculate the development area of more than 2,125 Square Meter after deducting 15% as Recreational Ground. For instance, if an area is of 5,000 Square Meter then, after deducting 15% as Recreational Ground, the total development plot becomes of 4,250 Square Meter on which they calculate the Floor Space Index (FSI). If the Floor Space Index is 1 then, vertically the builder can construct on 8,500 Square Meter without paying BMC any premium.
But, according to the new regulation, in the same scenario, the builder can now vertically construct on 10,000 Square Meter without reducing the Recreational Ground space.
This new regulation is indeed a boon for the real estate developers but is yet to be implemented.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.