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BMC mops up Rs 300cr from builders for extra area

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The amended Development Control Rules (DCR), which offers developers 35% extra area for residential projects on payment of a hefty premium, has earned the BMC Rs 300 crore in the past few months. The new rules came into force last January. Since then, the civic body has cleared 753 building projects. The BMC hopes to collect another Rs 500 crore by April 2013.
The new policy, formulated by then civic chief Subodh Kumar, charges a premium from developers who want to build more that the permissible Floor Space Index (FSI)—total built-up area vis-a-vis the plot size. After including spaces like the lift, staircases etc, which were earlier free of FSI, compensatory FSI up to 35% for residential projects and up to 20% for commercial projects was decided to be offered.
Civic officials say that if a developer wants to avail of this extra, FSI then he has to pay a premium on the basis of the ready reckoner rates of the area. The civic body had estimated a revenue collection of Rs 1,000 crore after allowing additional FSI as premium for the current financial year.
“The new system has made it very simple for us to scrutiny the proposals. It has also helped boost revenue,” said a senior civic official from the development plan department. While Kumar had proposed levying 100% premium for such areas that were earlier free of FSI, the state—while approving the policy—reduced it to 60% for residential and 100% for commercial.
The change in DCR was brought to make the system more transparent. As earlier these areas like flower duct, lift and refuge area were not counted in the FSI, many builders who manipulated the system were able to virtually double these free-of-FSI areas and sell them at market rate to flat buyers.
Source: Times of India

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