FSI Rates Slashed To Boost Real Estate along Pune Metro

BY Realty+

Real estate development in the city’s transit-oriented development (TOD) zone is likely to get a boost with the state government slashing the premium floor space index (FSI) rates for construction in such areas.

The FSI rates have been reduced from 60% to 30 % for residential properties of the ready reckoner (RR) rates following the government’s approval of the relaxed TOD policy on roads, that have a width of nine metro and more. The use of TOD relaxation and promotional rules will also be applicable for smaller plots. 

The policy has also relaxed the norms related to the parking requirements in such constructions. The parking provisions in the TOD zones will be 50% compared to the Unified Development Control and Promotion Regulations (UDCPR).

For example, if a 10-storey building needed parking for 100 cars and 200 two-wheelers in accordance with the UDCPR, the same unit would have to arrange parking space for 50 cars and 100 motorcycles as per the relaxed TOD Policy.

“The new policy has resolved many complex issues pertaining to TOD. It will expedite construction along Metro routes and also ensure good revenue for the civic administration, said Prashant Waghmare,” City Engineer of the Pune Municipal Corporation (PMC).

Up to 4 FSI is given to boost real estate and increase the densification of the population near Metro routes. The FSI would depend on the factors such as road width and the size of the plot. The initiative was expected to promote real estate around Metro stations and finally increase the Pune Metro footfall.

A senior official of the PMC’s building permission department said as per the old TOD regulations, the premium FSI rates for residential and commercial properties were 60% and 75% respectively of the RR rates. The rates for both types of properties have now been made the same, he said.

The premium rates for the FSI shall be 30% of the RR rates to be used for the tenements of the size equal to or less the 60 sq m. The premium rate of 35% would be used for bigger residential and commercial tenements of any size, the policy stated. 

The entire state plot may be considered for calculating the potential of the plot in terms of premium FSI and TDR but not the basic FSI. The basic FSI shall be calculated on the area of the plot remaining after the owner deducts the area under the DP Road/road widening/ reservation and amenity space provisions. This shall be applicable in the case where the reservation area or amenity is handed over to the authority stating the policy.

As per UDCPR, only bigger plots (4,000 sq m on 30 mn-wide roads) would be eligible for 4 FSI. It has to be taken by paying premium charges. The new policy has done away with size restrictions. Even the road width for availing of the maximum FSI has been reduced. 

The compulsion was made to use the TOD provisions on the plots that were fully or partly coming in the TOD zone. Developers will be allowed to opt out of the TOD zone regulations in some cases. Incentives have been offered for providing public parking on private properties. The incentives will be applicable for private buildings and plots in areas falling within a radius of 200 m from metro stations. The TOD regulations will be made applicable to the BRTS in the future. However, details of the FSI relaxation and other facilities will be declared later.

Tags : Real estate development FSI rates Pune Metro residential properties Unified Development Control and Promotion Regulations Prashant Waghmare City Engineer PMC