After central government’s recent measure to bail out stalled housing projects, Gujarat government on Monday unveiled slew of measures to boost the state’s real estate sector.
Prominent among the measures were raising Floor Space Index (FSI) and special approval for constructing “Iconic buildings” in four cities.
“Today morning I signed the final Comprehensive General Development Control Regulation (CGDCR) notification,” Gujarat chief minister Vijay Rupani announced at CREDAI’s Growth Ambassadors Summit 2019, organised by Gujarat state chapter of the industry body the Confederation of Real Estate Developers Association of India (CREDAI).
According to the provisions contained in the final CGDCR, prepared after incorporating changes suggested by all the stake holders, developers will get an FSI of 3.6 on roads having width of 36 metres to 44 metres. The permissible FSI for projects along roads with the width of 45 metres and more now stands at 4.
Common facilities such as clubhouse, gymnasium, play area, swimming pool, etc. will not be considered as a part of the total FSI from now on. “There will not be any deduction from plots measuring up to 2,500 sq mt in non-town planning areas,” the chief minister added.
“We want iconic skyline buildings on the lines of Dubai and Hong Kong to come up in Gujarat. We will give additional FSI for such projects. We will also give special approvals for such iconic structures,” he stressed.
While industry players welcomed the measures by stating that these will bring down the cost of homes and offices in Gujarat. They, however, said that increase in FSI to 4 for projects on roads with 45 metres or more width will not benefit R2 and R3 zones in Ahmedabad. These zones, mainly falling on the other side of the SG Highway, the base FSI in these areas is 1.2 and 0.3, respectively.
“The FSI of 4 will be given in areas where base FSI is 1.5. This means R2 and R3 zones will not benefit from higher FSI of 4. Only R1 zone in the city has base FSI of 1.5,” added a real estate sector expert.