Upward FSI revision in rest of Mumbai unlikely, says Knight Frank India chief

The Maharashtra government has raised the FSI for mill lands. Pranay Vakil, chairman, Knight Frank India, shares his views on what the impact of this could be.

Talking to CNBC-TV18, Vakil says that out of the 600 acres of mill land in Mumbai, this ruling only applies to a portion of it — about 120 acres out of the 600 acres.

"Now for this 120 acres, going by the Charles Correa formula, the one-third land, which goes to MHADA will get this increased FSI of 4 instead of the existing 1.33, which means a 300 per cent increase in the FSI on that portion," Vakil explains.

According to this formula, the mill land that is sold would be divided equally between the builder, MHADA getting one-third each while the remaining one-third being reserved for open spaces.

Vakil does not feel that as a result of this change there would be any upward revision in FSI across the city now. "I think it is a very specific targeted kind of an FSI increase and it should add about 10-million sq ft to my mind, roughly of additional FSI that can be kind of exploited due to this provision," he elaborates.

Vakil cites the case of NTC Mills where there was no one-third reservation, and says that people who had bought NTC Mills are not likely to be affected. "I do not think that the people who have bought the NTC mills in the public auction would get affected at all with this higher FSI."