HC Strikes Down State’s Decision To Hike FSI From 1 to 1.33: LandguruZ Reports

 HC Strikes Down State’s Decision To Hike FSI From 1 to 1.33

The Already High Real Estate Prices In Mumbai's Suburbs Are Expected To Climb A Notch Higher Following Today's Bombay High Court Judgement 

Setting Aside The State Government's Order To Increase Floor Space Index (FSI) In The Suburbs To 1.33 From 1.

The Judgement Can Also Have An Adverse Impact On The City's Infrastructure As The Money Which The Government Was Supposed To Collect From The Sale Of Extra 0.33 FSI At A Premium To Fund Infrastructure Projects, Will Now No Longer Be Available,. 

This Will Push Up Real Estate Prices In The Suburbs and Also Hit Infrastructure Developments in the city.

Prices For The End Consumer Could Go Up By Around Three-To-Four Per Cent While In The Immediate Future, Buying Pressures On Transfer Of Development Rights (TDR) Could See Its Price Shoot By 5-10 Per Cent. This Will Impact Prices For Consumers By 15 To 20 Per Cent."

According To Vice President Of LandguruZ, The State Government Along With The BMC Should Appeal To The Central Government To Revive The Decision So As To Enable The State Govt To Gather Funds By Way Of FSI Purchased Through Them And Thereby Spend & Improve The Infrastructure Of Mumbai.

Further that The State Govt Along With The BMC Must maintain transparency And Accountability In the Funds Generated By Way Of Purchasing FSI.