The existing 0.5 FSI wasn’t financially viable for redevelopment, said experts.
Experts said the announcement by Fadnavis to grant 2 FSI to structures in old Thane will largely incentivize the developments. Presently, developers have to purchase TDR and premium FSI for the redevelopment.
The cap of 0.5 FSI made the redevelopment less feasible for the developers keeping majority players out. The increased FSI would bring in more players and could also impact the realty rates here.
“This is a welcome decision for residents of old tenements. The incentive will give a push for redevelopment of such structures in the old part of the lake city. We hope professional players could enter the market and ease the worries for residents staying in such cessed structures,” said architect Sandeep Prabhu from Thane.
More than 4,700 buildings in the city are in a dangerous condition, according to a survey undertaken by the municipal corporation this year.
The number of buildings in extremely dangerous categories also increased to 95 buildings, despite the TMC evacuating more than 59 out of the 69 buildings in this category last monsoon. Naupada ward, which is part of old Thane has 61 extremely dangerous buildings which is the highest in the city while Mumbra, Wagale Estate and Diva also have more unsafe structures. BJP MLA Sanjay Kelkar who had been crusading for the issue of such structures as a majority of them were located in his assembly constituency welcomed the announcement.
“Several structures that are beyond 30 years or have become dilapidated and dangerous have been evacuated by and the residents have been sent to transit accommodation across the city. The decision to allow higher FSI for redevelopment of such structures is welcome and will help a lot,” he said.
This is a welcome decision for residents of old tenements. The incentive will give a push for redevelopment of such structures in the old part of the city. We hope professional players could enter the market and ease the worries for residents here.