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2.5 FSI for Navi Mumbai will create affordable homes: Realtors

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A day after the state government allowed 2.5 floor space index (FSI) for old and dilapidated Cidco-constructed buildings, developers and industry observers have welcomed the move saying it will open up the realty market in the already-saturated nodes of Navi Mumbai.

Devang Trivedi, managing director of Progressive Group and a functionary of Builders Association of Navi Mumbai, said the news of more FSI is a positive indication for realtors. "Additional FSI will make more flats available at affordable rate in few nodes of Navi Mumbai where the redevelopment will take place," said Trivedi.

Property dealers see the decision will boost their business in four to five years. "In places like Vashi, where new construction has dried up for want of space, builders will be able to create more houses. The present per-square-foot rate in Vashi is Rs15,000, which is likely to drop to Rs12,000 after redevelopment of old buildings," said Darshan Salve, a real estate agent.

However, a section of real estate observers believe the impact of the decision can be witnessed after five to seven years from now. "There are other things need to be considered at this stage," said Trivedi, adding that a number of clearances will be required for redevelopment work. "It will be important to see how much premium Cidco and the civic body will charge for redevelopment of old buildings."

With 2.5 FSI, most of the redeveloped buildings will rise up to 30 storeys and parking will be an important factor apart from environmental clearances. "Developers will have to look into issues such as premium, clearances and willingness of residents for redevelopment," said Trivedi.

Rajesh Prajapati of Prajapati group said redevelopment is a long-term process and simultaneous infrastructure development in areas under the Navi Mumbai Municipal Corporation must take place. "With the redevelopment, pressure will increase on existing infrastructures like sewage system, traffic and parking systems which need to be developed."

Trivedi said a new department should to be opened up in the line of slum rehabilitation authority (SRA) for redevelopment of JN1 and JN2 types in Vashi. These buildings are crumbling and need immediate attention.

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