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Maha govt announces measures to bring transparency in real estate sector

Livemint:  December 23, 2014

Mumbai: Builders and developers can obtain permission to start construction within seven days from their respective municipal authorities or district authorities if the building plan submitted by them is as per the 57 building designs approved by the government. Maharashtra chief minister Devendra Fadnavis announced a series of measures on Monday to bring transparency and increase the ease of doing business in the real estate sector.

Currently, builders and developers after submitting their building plan have to run around several municipal departments to secure their no objection certificates such as fire safety department, drainage and sewerage department, road department before they get final permission from town planning department to start construction.

Fadnavis announced these measures in the legislative council on Monday.

Besides this, Fadnavis also announced higher floor space index (FSI) for industrial and educational activities and also decentralized the powers to grant such FSI at the district collector level. Earlier files to grant higher FSI for industrial and educational activities had to be approved by the chief minister. The FSI indicates permissible construction on any plot. For example, if the size of plot is 1,000 sq.ft. and FSI is 1 then permissible construction is 1,000 sq.ft.

Besides this, hotels along highways will be granted extra FSI of up to 1 to encourage construction. Currently in Maharashtra five star hotels do get FSI up to 5, four star hotels FSI of 4 and so on.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

x IBEF : India Brand Equity Foundation