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.