State govt nod for 2 parking FSI projects

Bldrs To Fork Out 150cr For Construction Mumbai: The state governmenthasclearedtwo public parking projects in Mulund and Worli under its parking floor space index (FSI) policy and will earn nearly Rs 150 crore as premium from builders developing them.      The policy stipulates that a developer who builds a public parking lot on a part of his land and surrenders it free of cost to the BMC, will receive additional construction rights as compensation on the remaining portion.      Allegations of graft were levelled at the policy, which was introduced in 2008, forcing chief minister Prithviraj Chavan to scrap it in 2011. New guidelines formulated by BMC chief Subodh Kumar levied a premium on builders opting for the scheme. Last month, the state government sanctioned Runwal Group's proposal to build a parking lot spread over one million sq ft in Mulund. The land is part of a 20-acre plot where the builder is setting up a residential complex. The amenity will have ground and two underground basements. As compensation Runwal will receive an FSI of 3 for constructing the facility free of cost for the civic body. The builder will also pay a premium of Rs 40 crore, which will be shared equally by the state government and the BMC.      "The parking lot will have a separate entry and exit from the residential complex," said group director Subodh Runwal.      The state government and the BMC will earn Rs 108 crore as premium fromdeveloper K Raheja Corp, whose plan was cleared sometime ago. Raheja will build the public amenity on a portion of its two-acre property in Worli. Late last year, the BMC withdrew the initial permission to 10 of the 15 developers and asked them to submit their proposals under the amended policy framed by Kumar.      The new policy devalued the price of their lands by 30% to 40% because thesedeveloperswereentitledtohefty building concessions under the original policy. The original policy allowed developers to build public parking towers as high as 15 to 20 storeys. In return,thebuilder received a bonanza in the form of additional FSI.      Using the extra FSI, some builders who benefited, announced plans to build luxury skyscrapers. Activists slammed the policy saying it would benefit builders under the guise of providing public parking.  On The Cards  • Runwal Group's proposal to build a parking lot for 1,700 vehicles in Mulund • K Raheja Corp's parking lot for 800 vehicles in Worli