Mumbai: Shares of Mumbai-based realty companies are rallying on Dalal Street with the index up 1 percent intraday on Tuesday. Maharashtra Government has scrapped the controversial Mumbai Development Plan 2015-2034 and directed BMC to submit reworked Mumbai Development Plan in four months.
The reworked Mumbai Development Plan will be put up for public review.
The draft development plan 2015-2034 of the BMC had several omissions and flaws. In development plan, for instance, it had not marked more then 40 percent of heritage structures. The development plan had shown roads through existing buildings and some places of worship.
Welcoming the move, HDIL says Development Plan needs to be a balancing act by the government and Mumbai city infrastructure can support 3-4 FSI only. Floor space index (FSI) is site ratio and plot ratio are all terms for the ratio of a building's total floor area (gross floor area) to the size of the piece of land upon which it is built. The terms can also refer to limits imposed on such a ratio.