What happens with a 20-hectare plot gets a global floor index space (FSI) of four? It allows vertical construction of 80 hectares. A similar situation is likely to take place in Bandra Kurla Complex’s G-Block, which has got the approval of the Civil Aviation Ministry for the usage of global FSI of four for the entire plot as a whole, according to MMRDA sources.
This means two things -- one, certain plots will get FSI of seven, eight and even nine FSI, compensating for the lower FSIs in the funnel area that comes under the Airport Authority of India (AAI). Secondly, the Mumbai Metropolitan Region Development Authority (MMRDA) will earn nearly double the amount, compared to if they had sold the plot, sans the global FSI.
The G-block is divided into various sub plots. Some plots come under the height restriction zone of the AAI, so the FSI of these plots will be transferred to plots that do not fall under the height restriction zone. UPS Madan, commissioner of MMRDA, said, “Our papers to the AAI mentioned that G-block should be considered as one block for the process of approval. We have got a positive response till now. We are only waiting for a formal communication on the same.”
A builder claims, former commissioner Rahul Asthana had sought approval in 2010-2011. Now UPS Madan taken up the matter and has been regularly following it up with authorities. “Around 12 sub-plots between 3,000 square metre and 20,000 square metre will be available in the real estate market. The MMRDA requires funds for the Mumbai Trans Harbour Link (MTHL) project, which costs nearly R 20,000 crore, which they will get on the G-block sale. They won’t sell the plots below R 30,000 per square foot, and will sell the entire plot without wasting any FSI,” said the builder. A senior MMRDA official confirmed the body was expecting a report on the height restriction on buildings and a response from the AAI is on its way.