CM’s decision will pave the way for redevelopment of hundreds of dilapidated and dangerous buildings
In an important decision taken by chief minister Devendra Fadnavis, the Thane Municipal Corporation (TMC) will now control the Transfer and Development Rights (TDR) rates.
This means that 1.3 TDR can now be purchased directly from the TMC by paying a premium amount and since the corporation will be controlling the TDR, additional floor space index (FSI) shall be permissible for projects that require it.
Jitendra Mehta, secretary of MCHI CREDAI, Thane, said, “The new revised norms are more helpful for the corporation as they will be controlling the TDR rates. This rule will generate revenue for the TMC and they can use the amount for development plans, rather than asking the state government for funds.”
When asked about the impact on redevelopment projects, Mehta added, “This rule will be helpful in redevelopment projects and it will bridge the gap between demand and supply of TDR.”
“As per the new norms, the TDR has been divided into two parts — 0.5 TDR can be purchased from outside, whereas TMC can provide 1.3 TDR. The land cost will also come down, leading to increased real estate activities, which means more development,” explained Mehta.
“We welcome the announcement of 0.33 increase in FSI for Thane. It is a step in right direction and at an appropriate time. The increase in premium FSI would help in creating more housing stock, which automatically checks the rising prices in the city,” said Shailesh Puranik, managing director of Puranik Developers.
He added, “Thane has witnessed a phenomenal growth in terms of infrastructure, economy and business in the last few years. It has seen huge inflow of population from various parts of Mumbai and neighbouring regions in view of affordable homes, socio-economic infrastructure like malls, multiplexes, international restaurants, educational facilities, among others.”
Thane assumes greater importance after the central government included it in the smart cities’ list. “We believe that the increase in FSI has come in an appropriate time and it will help in overall development of Thane. As far as redevelopment is concerned, the state had separate regulations and FSI rules. Present announcement regarding increase in FSI will take care of city’s overall development,” said Puranik.
Now that TMC will control the TDR, it wants hold over the entire amount generated through the TDR to bail them out from financial crunch. This amount, the TMC says, will be used for development activities. However, the state has turned down this offer, saying 50% amount will go to its kitty, while corporation can use the remaining amount.
In March 2014, TMC had submitted a resolution asking the government to allow premium FSI of 0.33, in addition to the applicable base FSI and TDR. So, the overall FSI cap was retained while making premium FSI available as an option to TDR. Following the CM’s decision, builders will now have an option of availing FSI by payment of premium in lieu of TDR.
However, Fadnavis has made it clear that premium FSI regime cannot be extended to slum rehabilitation scheme, buildings in fishing villages, congested areas and those within Coastal Regulation Zones.
Apart from this, the perks cannot be applied to educational, medical and institutional buildings, starred category hotels, and information technology establishments, where incentive FSI is already available. The premium FSI is also linked with the width of the road.
Pramod Nimbhalkar, town development and planning officer, said, “The new regulation will not only help in development plans, but also in 80-90% of redevelopment projects will benefited. In fact, the old Thane city too can be developed and this will boost the construction activity, as rates will lower. The only cap is that the access road should be of 9m or wider to avail the premium FSI. This could act as a deterrent but only for 5-8% projects.”
Civic chief Sanjeev Jaiswal said, “Redevelopment activity will gain a momentum as we will get 1.3 TDR in comparison to previous 0.4 and 0.8. The TDR-linked premium FSI will be of help. Also, the 50% amount collected through this can be used for development work.”
The activists said the ball is now in TMC’s court. Activist Chandrahas Tawde said, “We are happy, but will have to see who stands to gain the most. With new TDR in place, monopoly of some developers will end. However, the question remains that how TMC is going to use the new resolution.”
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