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News & Views on Indian Real Estate

Thursday, September 18, 2008

State Govt To Raise FSI For Sea Link Areas

The Maharashtra government is expected to raise the floor-space index (FSI) from one to four for the areas to be connected by the Rs 7,000-crore Mumbai Trans Harbour Link (MTHL). This initiative will benefit Navi Mumbai Special Economic Zone (NMSEZ), which is being developed by Reliance Industries Ltd (RIL) in a joint venture with the state government’s infrastructure arm, City and Industrial Development Corporation of Maharashtra Ltd (CIDCO). To avail the higher FSI, one will have to pay a premium of 20 per cent on the rate mentioned for the area in the ready reckoner, said a senior official from the state government’s urban development ministry. The FSI is the ratio of total floor area of a building to the size of the plot. It indicates the maximum construction that is allowed on a plot in a particular area.

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