In a boost for redevelopment in the city, the state government has offered sops for tenanted buildings and old housing societies which have utilized their entire development potential decades ago.
Under the new Development Control and Promotion Regulations (DCPR-2034), the government has offered additional FSI of up to 70% of the total existing build-up area if more than five tenanted building plots are amalgamated for joint redevelopment. This will ensure that the existing occupants of such buildings get up to 12% additional carpet area in their new flats. Eligible tenants—those residing before 1996 according to BMC rules—of such buildings are entitled to a minimum 300 sq ft carpet area, according to the regulations. For more area, they need to negotiate with developers.
In case of old housing societies, the new regulations have offered an incentive to a builder undertaking redevelopment. This is in the form of a 15% concession while paying premium to the BMC for the additional FSI utilized. For instance, if the builder was paying to the BMC for additional FSI-TDR 1, now he will pay only for 85% of the total quantum of FSI-TDR. This incentive makes the redevelopment project slightly more viable for the developer