CM Prithviraj Chavan's 200-acre gift for airport operator

Chief Minister Prithviraj Chavan seems to have given GVK a parting gift of 200 acres in the form of additional floor space index FSI before the state goes into poll mode to decide the next government A notice was issued in this regard in all newspapers yesterday stating that an additional global FSI of 1 was being allowed over and above the maximum permissible FSI limit of 410 per cent mdash 200 acres mdash of the overall 2000 acres of land near Chhatrapati Shivaji International Airport CSIA is available for real estate development to GVKGold mine 10 per cent mdash 200 acres mdash of the overall 2000 acres of land around the international airport is available for real estate development to GVK File picThe company which constructed the swanky Terminal 2 had earlier received an FSI of 4 allowing it to construct up to four times the 200 acres Now with this additional global FSI the company will be able use five times mdash 1000 acres mdash the space to monetise the expenses it incurred in construction of the airportGVKrsquos SkyCity project around the airport will have luxury midmarket and budget hotels serviced apartments a convention centre entertainment centre and retail and office spaces File Pic for representationThe notice was accepted by the CMheaded urban development department on September 9 and a public notice was issued in newspapers yesterdayThe notice clearly mentions that the extra FSI was granted on the basis of a request from Mumbai Airport International Ltd MIAL a joint venture between a GVKled consortium and the Airports Authority of IndialsquoCM the last wordrsquoMumbai Metropolitan Region Development Authority MMRDA is the special planning authority for CSIA and the power to sanction extra FSI lies with the Metropolitan Commissioner U P S Madan However CM Chavan who ultimately heads the MMRDA asked Madan to grant the additional FSI A senior MMRDA officer said ldquoThe CM is the one who takes such decisions the bureaucrat Metropolitan Commissioner is just asked to implement itrdquoThe fresh FSI has been categorically provided for the notified area around the airport where GVK is planning to build its ambitious SkyCity project which will include luxury and budget hotels commercial spaces serviced apartments etc While GVKrsquos official spokesperson didnrsquot comment on the matter an official on condition of anonymity told this paper ldquoI cannot tell you why MIAL asked for the extra FSI but the FSI is for SkyCity a mixeduse project with hotels and commercial spacesrdquoLast month MIAL sold 547 acres of land within the CSIA notified area premises to Oasis Realty a developer for R580 crore mdash a rate of R106 crore per acre Taking this rate into account GVK is set to earn an additional R21200 crore from the sale ofextra space created by the bonus FSIAccording to GVK SkyCityrsquos website the project has a development potential of two million square metres nearly 500 acres With the additional FSI this number will surely increase The development is set to include luxury firstclass midmarket and budget hotels serviced apartments convention centre entertainment centre and retail and office spaces The project will take around 1012 years to be completedRs 21200crore Additional income GVK is set to earn from the sale of space after the increased FSI1012 yearsTime it will take for the GVK SkyCity to be completed