mumbai in a bonanza for residents and builders of noncessed buildings in the island city the state government has increased the base floor space index fsi from 133 to 183 this additional 05 fsi will be charged a premium by the government the premium will be 60 of the ready reckoner rate of that localityall buildings constructed after 1960 are noncessed buildings the additional fsi will be available for all such buildings from colaba to sionmahim in the island city except cessed properties and cluster redevelopment schemes which are already entitled to high fsithe new proposal is part of the draft development plan2034 but the government has chosen to modify the 1991 development plan that is currently in forceit indicates that the government is trying to revive the real estate market that is in the doldrums and also earn revenue at the same time said sourcesthe process for modifying the dp has also been cut short the state urban development department has issued the draft notification under section 37 1aa of the maharashtra regional town planning act that allows the government to directly call for objectionssuggestions hold a public hearing without involving the bmc which is the planning authority for the citythe entire process can now be completed within a month from the date of the draft notification and the final notification can be issued immediately said sourcesthe udd has proposed selling the 05 fsi for a premium to be charged at 60 of the ready reckoner rate the premium that is collected for additional fsi is currently split equally between the government and the bmchowever in this case the premium will be split four ways 25 to the government 25 to fund the dharavi redevelopment project 25 to fund the bandraversova sealink and 25 to the bmc in effect the government will take 75 of the revenue from the sale of this fsithe bmc will of course file its objection on the loss of revenue the bmc is funding the coastal road project from the premium obtained for the fungible fsi which is 35 of the built up area for residential buildings and 20 of the bua for commercial projects said a sourceyomesh rao architect and member of practising engineers architects and town planners association peata said the draft notification modifying the 1991 dp is mystifying as the draft dp2034 is expected to be finalised in the next 23 months the final notification will take at least 46 months and by then the dp2034 will be in place unless the new dp is likely to be delayed he saidwhat is fsifsi floor space index refers to the buildable area on a plot of land an fsi of 1 means that the area of construction should be equal to the area of the plotfor example a plot of 10000 sq ft can only have a builtup area of 10000 sq ft and no morewhat is tdrthe tdr transfer of development rights policy was launched in 1991 to decongest the island