However, the Pune Municipal Corporation in its Development Plan is pushing for more FSI along the entire corridor so that there is revenue from leasing out property
In a recent report of the Delhi Metro Rail Corporation (DMRC) it was specified that four additional FSI would be provided for 10.4 hectare land near the proposed Metro station area.
However, in its own development plan the Pune Municipal Corporation wants additional FSI at every metro station. Vandana Chavan, MP and city president of NCP, says that such a plan would affect the city’s structure.
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Chavan has taken objection to the additional FSI allotment for the Metro in the Development Plan. However, the NCP has been strongly recommending additional FSI for the metro project.
Chavan said, “Initially, the party wanted additional FSI along the Metro corridor. But, after studying the DP our members have realised that it would result in the breakdown of infrastructure and increase population. It is not my individual opinion but the consensus of all executive members.
We have appointed a committee of corporators that will assess the DP.” To recover money going into building the Metro and subsidise the rate of the ticket additional FSI was proposed in the metro corridor.
“It is ridiculous that the Rules mandate ‘Compulsory’ utilisation of the FSI. Some of the major educational institutes in Pune having heritage buildings that fall within this corridor and that would spoil the city,” Chavan added.
According to the DMRC report, the financial internal rate of return (FIRR) estimated a total revenue of Rs 44,048 crore over a period of 36 years comprising of Rs 17,291 crore from fare box revenue, Rs 24,756 crore from property development and advertising revenue and only Rs 2,000 crore from the sale of additional floor area ratio (FAR) along the corridors.
In addition to developing and leasing 10.4 hectare land, plots for commercial exploitation will yield an income of Rs 600 crore from development and Rs 23,899 crore over a period of 33 years from leasing the property.
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