Worli society gets construction area 9 times the plot size
Nov 26, 2013
Source : The Times of India

 

MUMBAI: The state Coastal Zone Management Authority has cleared floor space index (FSI) of 2.5 for the redevelopment of Worli’s Shivshahi housing society, part of a Mhada layout.

Based on this FSI, the civic administration sanctioned as much as 1.18 lakh sq m of total construction area on the 12,325 sq m plot, which is 9.6 times the plot size. The society currently houses 192 families in 12 buildings built by the Maharashtra Housing and Area Development Authority (Mhada) in 1950.

This FSI-a ratio that defines how much can be built on a plot-will allow the developer, Wonder Value Realty, to build three towers. These comprise a 42 storey skyscraper to rehouse the families living today in the society free of cost, and two towers, each 35 floors, to be sold in the open market. Residential property prices in Worli are currently pegged at Rs 40,000 to Rs 50,000 per sq ft.

Mhada, which controls the land, will earn just Rs 165 crore as premium from the builder, as reported by TOI on Monday. Mhada has forgone its share of built-up area-an estimated 600 tenements for economically weaker sections-as stipulated in its own September 2010 policy.

The housing authority said the builder’s proposal was submitted a month before its new policy came into force. The housing authority said its earlier policy was based mainly on premium payment.

The housing board’s resident executive engineer R B Mitkar said the Shivshahi proposal and offer letter was submitted to Mhada before the new policy came into effect. “So even if FSI of 2.5 is finally granted, it is not legally feasible for us to demand our share,” Mitkar said.

Mhada, responding to TOI’s report on Monday, said: “Mhada has so far granted FSI of 1.59 with premium. But the society said it will approach environment ministry for CRZ clearance at their own risk and cost to procure FSI 2.5.

“Within FSI 1.59, no built-up area was available for sharing by Mhada. It was only sufficient to accommodate the existing society members and for the builder’s incentive.”

Mhada also said the premium it received would be shared with the BMC. The land was leased by the BMC to Mhada for 999 years.

The 2.5 FSI is only for buildings declared dilapidated and which fall under CRZ II. Mhada declared the 12 buildings of Shivshahi “dangerous and dilapidated” in 2009, but the buildings were repaired and painted by the society barely three years ago.

The developer claimed some weak portions of the buildings partly collapsed in July 2009, prior to the signing of the development agreement with the society. “It was agreed by society members that until the development permissions were acquired, to undertake habitable repairs (not structural in nature) of buildings to avoid any untoward incident,” the developer said.

Wonder Value Realty, a joint venture floated by HBS Realtors and IF&FS Realty Fund, said that of the total construction area of 1.18 lakh sq m, 87,192 sq m comprises non-FSI areas such as parking, staircase, elevation features, refuge, passage area and the like. “Only 30,814 sq m is the actual habitable area,” it said.

Latest Realty News

Real estate investment in India
Nov 26, 2013
MUMBAI: Nowadays coffee conversations with friends have changed. Being in the personal finance industry, friends always tend to ask – Suggest a good place to invest? Should I invest in Real Estate now? How does Real Estate look? Or, “Did you hear, she sold that flat recently? She had bought it for Rs 80 lakh and now sold it for Rs 2 crore! What an investment that was?
Is Mumbai a buyer’s market?
Nov 25, 2013
MUMBAI: Mumbai’s real estate segment has historically been red hot, something that is the aspiration of millions. The island city with less supply and more demand and the ever increasing migration, only meant that even if the market deviated from the conventional wisdom of economics in demand and supply dynamics, it still would be a sellers’ market. The price index, demand-supply gap, inventory and all other indicators collectively lent credence to this school of thought. Moreover, the island ci
Mumbai govt to help acquire land for cluster redevelopment
Nov 25, 2013
MUMBAI: Occupants of unauthorized flats and shops will be legally rehabilitated as part of the state government new cluster redevelopment policy. Critics said this sop is a virtual indictment of the government, which has failed to curb illegal constructions.
Citi’s HQ in maximum city on the block for Rs 250-315 cr
Nov 25, 2013
MUMBAI: US multinational financial institution Citigroup has put its old headquarters — Citigroup Centre in Mumbai’s Bandra Kurla Complex (BKC) — on the block, say sources in know of the development, reports Shubhra Tandon in Mumbai. This is after Citi moved its India headquarters out of this 80,000-90,000 square feet building earlier this year to a larger location in First International Finance Centre (FIFC), also in BKC. Citi had bought six floors measuring 3.12 lakh sq ft for Rs 985 crore las
Iconic properties in Mumbai in demand: Experts
Nov 25, 2013
MUMBAI: Prime properties are still fetching good vale in this land-starved megapolis even as rentals are seem to be falling, going by the recent trend of landmark buildings changing hands, experts have said.
Part II: Should you buy a new or a resale flat?
Nov 22, 2013
MUMBAI: Assuming that a buyer learns of both new and resale options in the location of choice, it is important to understand the benefits of opting for the former:
Part I: Should you buy a new or a resale flat?
Nov 22, 2013
MUMBAI: Should you buy a new flat or a resale? There appears to be no easy answer to this question. People buy resale flats instead of new ones for various reasons. Sometimes, a certain location just does not offer suitable options in the primary market.
BMC website with approved building plans
Nov 22, 2013
MUMBAI: The BMC is going ahead with its plan to put all building permissions on its website, a move that would have rendered meaningless the State Information Commission’s earlier order restricting access to the plans.
Supriya Sule raises stake in Panchshil realty arm
Nov 22, 2013
MUMBAI: Supriya Sule, MP and daughter of Nationalist Congress Party chief Sharad Pawar, has increased her stake in a subsidiary owned by Panchshil Realty that has shot in limelight for its impending acquisition of iconic Express Towers in South Mumbai along with US private equity firm Blackstone Group.
Campa Cola razing to go ahead despite rains
Nov 21, 2013
MUMBAI: The civic body has resolved to commence the demolition of the illegal flats in Campa Cola compound after May 31 irrespective of the monsoon. Still, the society residents are clutching at straws, hoping to exhaust all legal options before that day arrives.

Latest Realty News Of State

Realty Talk's