As a result of possible policy changes made by the Maharashtra government there is going to be a wide disparity in property prices of properties in South Mumbai and its suburbs. According to experts the property prices in the suburbs may ease by 10 to 15% whereas those in land-locked South Mumbai may increase by 10%.
At the moment in South Mumbai property prices range from Rs 20,000 to Rs 1 lakh per sq ft and in the suburbs it ranges from Rs 6,000 to Rs 40,000 per sq ft. Now the state government is contemplating to agree to an additional 0.33 per cent floor space index (FSI) to real estate developers which will benefit the suburbs. The state government move will empower the municipal corporation of Mumbai to charge a premium against this additional FSI.
The Maharashtra legislative assembly has already passed the proposal which is now awaiting the final approval from the upper house which is the legislative council and its approval is expected shortly. Once the proposal is passed the FSI in the suburbs will increase from the current 1% to 1.33%. This move will also enable developers to construct more space than what they are being allowed now. The state government’s decision to grant additional FSI in the suburbs has been taken in order bypass a recent rejection ruling against the decision by the Bombay High Court.
At the moment in South Mumbai property prices range from Rs 20,000 to Rs 1 lakh per sq ft and in the suburbs it ranges from Rs 6,000 to Rs 40,000 per sq ft. Now the state government is contemplating to agree to an additional 0.33 per cent floor space index (FSI) to real estate developers which will benefit the suburbs. The state government move will empower the municipal corporation of Mumbai to charge a premium against this additional FSI.
The Maharashtra legislative assembly has already passed the proposal which is now awaiting the final approval from the upper house which is the legislative council and its approval is expected shortly. Once the proposal is passed the FSI in the suburbs will increase from the current 1% to 1.33%. This move will also enable developers to construct more space than what they are being allowed now. The state government’s decision to grant additional FSI in the suburbs has been taken in order bypass a recent rejection ruling against the decision by the Bombay High Court.
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