Mumbai: Urban Development’s policy for new FSI gets mixed response from builders

Mumbai: The city builders gave mixed reactions to the changes in the Urban Development policy for new Floor Space Index (FSI). Builders stated that the skyline in the heritage-rich part of the city could be replaced by new skyscrapers and South Mumbai will have more vertical developments on the line of suburbs.

Responding to the changes in the FSI policy for the island city framed by the state Urban Development Department (UDD), few builders were positive and stated that it will help in redeveloping old buildings in the city. “The residents will now have an additional 37 percent of additional FSI and they will stand chance for redeveloping their old structures in South Mumbai,” said Ankit Haware, Managing Director of Haware Builders.

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Haware further added it could pose a threat to the heritage riches of the city.“The new rules have also paved the way for redeveloping old dilapidated structures. Till date the redevelopment was focused on the suburbs but now the island city will also have its share in it,” Haware added. This is however considered to be a positive move as it would give a breather for the residents of non heritage old structures.

“This is the first time the state has brought a new FSI based policy. The first beneficiaries will be the residents residing old dilapidated buildings,” said Dharmesh Jain, Managing Director of Nirmal Lifestyle. Fraternity of the builders concluded stating that the landlocked and space crunched city will see more options of new properties. “The new policy could also give a rejig to the real estate market that is currently facing a slump,” said a builder who did not wished to be named.