In a move that could pinch 11 ongoing mega-projects in the city, the Brihanmumbai Municipal Corporation (BMC) on Monday, September 24, asked developers to comply with the new public parking norms, which introduced various caps including height restrictions, even if their constructions were approved before the policy was amended in May.
The developers have also been told to retrospectively pay 40% premium on the incentive FSI granted to them in the original policy. If enforced, the decision will prove to be a windfall for state authorities, generating revenues to the tune of Rs 1,000 crore, but could cost the developers dear.
The projects include ambitious residential and commercial towers promoted by the city’s biggest developers, like Lodha Group, India Bulls, DLF, DB Realty, and Kohinoor, coming up in prime real estate of erstwhile mills in central Mumbai.
BMC commissioner Subodh Kumar told developers about the decision at a meeting held with developers concerned to discuss the issue. They have been given till November 20 to get back with reworked designs to the civic body.
Meanwhile, the developers assert that it is too late to make changes. To fall in line with the new public parking norms, which restrict the height of such towers and levy a premium for incentive floor space index (FSI), has impact on big-ticket residential and commercial towers in central Mumbai, most of which are being constructed on erstwhile mill lands in Parel, Sewri, Worli and Dadar.
So far, 27 such projects have been cleared under the public parking policy, of which 11 have been granted the commencement certificate (CC). These projects got the CC from the Brihanmumbai Municipal Corporation (BMC) before the policy was amended, and many developers like Lodha group, India Bulls, DLF, DB Realty, and Kohinoor have begun construction.
Rajeev Talwar, Group Executive director, DLF, dubbed the latest development an unfortunate step. “If the civic body wants to make changes, let them do so for new projects,” he said.
Sources told Track2Realty that three developers, including Kohinoor and DB Realty, have refused to make any changes to the parking lots.
