MUMBAI: Construction work on new projects is unlikely to be taken up for at least a year as builders will await Development Plan 2034, with its generous FSI provisions, to come into effect.
Municipal commissioner Sitaram Kunte told TOI that the draft DP will be published in the government's gazette before April 3, following which Mumbaikars will get 60 days to submit suggestions and objections. After that, it will undergo scrutiny and hearing at the BMC's planning committee. Ultimately, it will be sent to the government for approval.
Kunte said the entire process will last at least a year. "It will take time. Also, the final DP will not be implemented with retrospective effect. Till the time the DP comes into effect, if a builder submits a proposal, it will be cleared on the basis of existing policy."
The situation is likely to be the same as experienced two years ago when builders waited for fungible FSI to come into force. "Then too, development came to a halt for about a year. But it has to be borne in mind that builders are absolutely free to submit proposals," said Sunil Mantri, president, National Real Estate Development Council. "Ongoing projects will not be affected and will go ahead as originally planned."
But Sangram Petkar of Aashiyana Developers said ongoing projects too may come to a halt. "Tenants of buildings that have gone in for redevelopment may ask for more FSI. They may ask the developer to stop building and submit fresh proposals when the DP is finalized so that they may be able to avail of increased FSI. That way, they may get flats with increased areas."
The draft DP, the development blueprint for the city for the next 20 years, was unveiled by the BMC on Monday. It has a pronounced stress on construction by allowing more FSI, less per capita open space in the suburbs and a business hub in Aarey.