Mumbai goes vertical, doubles FSI for commercial structures
The Maharashtra government in its newest development plan has doubled the floor space index (FSI) for office buildings from 2.5 to 5, which means that on a 1,000 sq m plot, a developer can build 5,000 sq m, Ashutosh Limaye, head research at JLL India, said. The move will bring big demand for construction laborers and availability of more office space will attract corporate to Mumbai instead of another city. He said adding that enhanced FSI will offer more office space in established office districts. The city is expected to add up to 14% of its current stock of 109 mn sqft grade-A office space. The DP shows significant hikes in FSI for commercial, retail and hospitality and also for financial technology and bio-tech parks, medical and educational hubs. Builder Niranjan Hiranandani said GDP growth will not happen only because of industrial production and that commercial activities will play a major role in enhancing GDP growth. The FSI hike for commercial real estate is also expected to boost job generation and economic development, he observed.
📅Published on:
05 May 2018
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