The government of Maharashtra’s Unified Development Control and Promotion Regulations (UDCPR) are expected to bolster real estate development further in Maharashtra.
The new set of rules governing the real estate development will be applicable to the entire state except Mumbai civic body, NAINA, MIDC, Jawaharlal Nehru Port Trust and other such authorities for special planning zones with their own set of development control regulations (DCR).
“The standardized rules will leave little scope for misinterpretation by authorities…Thane, Navi Mumbai, Pune, Aurangabad, Nashik, Nagpur, Solapur and Kolhapur would come under the ambit of the new rules. Real estate developers who plan multi-city projects will have the advantage of referring to only one DCR, this will simplify the process,” said Niranjan Hiranandani, President, NAREDCO.
The new rules approved by the government are likely to bring uniformity in width of roads, size of rooms, etc, which is a positive step, experts said. Height of buildings will vary, depending on the plot size and its floor space index (FSI) potential.
“The new UDCPR notification by the government of Maharashtra, will prove to be a gamechanger for homebuyers and developers in the state. Owing to the added incentive for developers, we strongly believe that it will lead to an increase in stock of affordable housing projects,” said Deepak Goradia, President, CREDAI MCHI.
According to him, the improved ease of doing business is also bound to enhance the speed of construction enabling developers to provide possession of homes in a timely manner.
The new regulation will also help developers manage their finances better.
“The development potential on a land parcel across most parts of Maharashtra has gone with a substantial increase. Cost of premiums has also gone down and that would mean lower development cost for developers, offering more breathing room and an eventual benefit for homebuyers. The premium can also be paid in instalments helping developers manage cash flow in a more efficient way,” said Sanjay Bajaj, Managing Director – Pune, JLL India.
The new regulations will allow a maximum floor space index of 4 for roads width of 18 meter and above. Heights of the buildings will vary as per the plot size and its development potential.
It also stipulates a minimum 4,000 sq meter plot area for development and redevelopment of staff quarters for government departments, statutory bodies and planning authorities.
As per the rules, residential zone R1 includes residential plots adjacent to roads below 9 meter width in congested areas shown on the development plan and on roads below 12 meter in width in outside congested areas.