Increased FSI may boost redevelopment of old Thane buildings

Chief minister Devendra Fadnavis's announcement to grant 2 floor space index (FSI) for redevelopment of buildings in old Thane has brought cheer for thousands of residents here who claim it will help incentivize the initiative and not burden the residents. The existing 0.5 FSI wasn’t financially viable for redevelopment, said experts. Experts said the announcement by Fadnavis to grant 2 FSI to structures in old Thane will largely incentivize the developments. Presently, developers have to purchase TDR and premium FSI for the redevelopment. The cap of 0.5 FSI made the redevelopment less feasible for the developers keeping majority players out. The increased FSI would bring in more players and could also impact the realty rates here.