Mumbai CBD to add considerable space

September 21, 2007	(2 votes, average: 4.5 out of 5)  Loading ...
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The Mumbai Metropolitan Region Development Authority (MMRDA) is all set to double the Floor Space Index (FSI) for commercial properties in Mumbai’s Central Business District (CBD) of Bandra Kurla Complex (BKC).

The MMRDA has ruled out the objections raised by some environmental groups and corporates over its proposal, and intends to raise the FSI to 4 from the current levels of 2.

According to the Joint Metropolitan Commissioner of MMRDA Milind Mhaiskar, the step is necessary to ease out the overheating property prices and rentals in this prime most commercial real estate in Mumbai. He reasoned that the prices of commercial realty in Bandra-Kurla Complex of Mumbai are even more than the commercial properties in New York and such unrealistic price levels have to be corrected with effective intervention.

Meanwhile, the sources told that a detailed report in this regard would soon be submitted to the state government. As a matter of fact, once the MMRDA will get approval of doubling the FSI, the sale of the additions in space will raise no less than Rs 25,000 crore.

Earlier, it has been alleged that the MMRDA has come up with this idea for benefiting Reliance Industries Limited that had expressed its intentions to acquire about 75,000 sq. meter of space to build a huge convention centre at the BKC.

News Published Under:   Mumbai |

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