By Staff Reporter
In a move to lucurate the South Mumbai real estate market, it is expected that more incentives for cluster to be announced soon. South Mumbai property rates have been on its escalating trend for last few years and many sky scrapper are now enhancing view of Mumbai’s skyline.
Looking at the ABC and D ward of the city congestion, the FSI may be relaxed especially stalled projects and projects whic have provided for podium parkings for upper floor. A relaxation is expected in the Cess Building Redevelopment, BDD Chawl redevelopment, Bhendi Bazar and Mohmed Ali Road and Pidhuni area. Bhuleshwar, C P Tank, Sikka Nagar and Dadiseth Agiary Lane in Kalbadevi shall be biggest gainer.
Right now, the South Mumbai which is from Cuff Parade till Mahim and Sion Wadala is getting an FSI of 1 in island city along with many incentives. Very recently the State Government also have allowed TDR receiving zones in South Mumbai. The rule of using TDR to a north bound ward is relaxed now.
Heritage buildings and cluster shall be biggest gainer as the enhancement of FSI may give more room vertical in the city. CRZ and height restriction have relaxed already. An enhanced version of FSI is expected before elections., sources said.