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How Much is the Maximum FSI Allowed in a Redevelopment Project?

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How Much is the Maximum FSI Allowed in a Redevelopment Project?

Last updated: January 26 2013
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  • How Much is the Maximum FSI Allowed in a Redevelopment Project?

    I am looking to buy a resale flat in Andheri (west). The building is nearly twenty five years old (well maintained). It is seven story building with multiple wings.

    I am looking to buy the place as a future primary place to live. I am being told that building in that vicinity has potential for redevelopment, however, that is not the main reason to buy. In case redevelopment happens, I will be happy.

    The current owner is asking a premium saying that there is potential for redevelopment and hence I want to understand the rules and possibility.

    1. In suburbs, what is the maximum possible FSI? I hear 2/ 2.66, but I am not sure.
    2. What is the cost of TDR, needed to build beyond 1.33 FSI?
    3. How can I know how much FSI is already used?
  • #2

    #2

    Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

    Don't pay any premium for re development. It is a very shaky topic.. Laws are opaque and you can spend your lifetime without saying any re development..

    I was in a similar situation in 2007 and I had to walk out of a deal in chembur for the same reason.. The building is yet to be re developed..

    I thought I had made a wise decision in 2008, but don't know as the prices have shot much above the price in 2007 these days.. so don't know whether I made a wise move, but the building is yet to be re-developed..

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    • #3

      #3

      Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

      Originally posted by new2RE View Post
      I am looking to buy a resale flat in Andheri (west). The building is nearly twenty five years old (well maintained). It is seven story building with multiple wings.

      I am looking to buy the place as a future primary place to live. I am being told that building in that vicinity has potential for redevelopment, however, that is not the main reason to buy. In case redevelopment happens, I will be happy.

      The current owner is asking a premium saying that there is potential for redevelopment and hence I want to understand the rules and possibility.

      1. In suburbs, what is the maximum possible FSI? I hear 2/ 2.66, but I am not sure.
      2- for a residential building.. unless it is on CRZ..
      2. What is the cost of TDR, needed to build beyond 1.33 FSI?
      ---market rate..
      3. How can I know how much FSI is already used?
      -- Normally the brokers know.. 25 years old would mean normally there would be FSI available..
      Last edited December 11 2012, 08:40 AM.

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      • #4

        #4

        Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

        The seller says the carpet area is not mentioned. He was unwilling to let me measure the flat for carpet area. I like the flat.

        Any advice?

        Where can I find the plot area?

        What is used in the calculation of FSI? Carpet Area or Builtup area?

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        • #5

          #5

          Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

          there are so many good builders..not sure why you are pinning your hopes on re-development. just don't take a lot of risk in this market..

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          • #6

            #6

            Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

            The thought is that the building will eventually go for redevelopment.

            2BHK (under construction) start from 1.5Cr and ready from 1.6Cr in new buildings in the area. Whereas in old building I can get a 1BHK for 90L. Some buildings are in redevelopment here, no almost no empty plots here. We are getting permission for 10 story buildings now, some building are only five to six stories.

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            • #7

              #7

              Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

              I didn't know people were asking for a premium on flats where there is a potential for redevelopment! I've been living overseas so I don't know much about what has been happening in Mumbai. I was so shocked to see the prices - simply unbelievable.

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              • #8

                #8

                Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

                Avoid buying into potential re-development building - Andheri West is in real bad shape since Y2004...almost 8 yrs and some demolished buyildings have not even come up to plinth or 2 floors...

                why risk into such projects?

                go for somethign that will be ready in another 2 yrs rather than potential re-dev...u may regret ur decision in the long run..

                Final decision is yours we can just warn you...
                Last edited December 19 2012, 05:46 PM.

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                • #9

                  #9

                  Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

                  One of the bewaring point: if you have a loan on a flat and the building goes into redevelopment it won't be accepted by few builders. Before redevelopment he builder has to make sure none of the flats have any existing loan.
                  Those days were ACHHAY when houses were KACHHAY & hearts were SACHHAY

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                  • #10

                    #10

                    Re : How Much is the Maximum FSI Allowed in a Redevelopment Project?

                    I commented on another post that our society has "redevelopment" potential. This was based on what my neighbour told me when I last visited Mumbai and frankly I have no idea what the term really means.

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