Out of the Time Warp: Indian Floor Space Index - Lawyer's Perspective
Dickenson Intellinetics Private Ltd, Pages: 6
The article wishes to explore the regulatory spheres of various laws that are being modified to implement higher FSI in their much needed spaces. With the rise in FSI, developers will be able to build an additional 33% on the given plot of land in Mumbais suburbs and Rs. 1,400 crores is expected to be added to the State exchequer. Under the Transfer of Development Rights, the development potential of a plot of land is separated from the land; and the apex court of India upholds the transfer of FSI as conveyance of immovable property and is taxed as capital gain.
With the migrant population increasing day by day in Tier I and Tier ii cities, there is a distinct shift towards urbanization and industrialization in India. The Floor Space Index (FSI), the ratio of the total area on all floor of a building and the area of the plot, needs to go up. In layman’s language, buildings have to grow vertically to house the swelling population of cities in India, apart from the lateral expansion of city limits. Changing the skyline of a city obviously has a legal angle to it. So, read the article authored by a practicing real estate lawyer instead of going through the labyrinths of the Constitution of India to know the legal intricacies of the FSI in India.
Target Audience
Its readership base could comprise developers, capital market players, consultants to investors, from the VC/PE communities and merchant bankers.
Towards Optimal Solutions
A raise in FSI in the Mumbai will provide respite to its floating population, benefit the ailing developer community and bring in greater revenues into the State exchequer. As a principle, an increase in FSI, is being recommended in tandem with infrastructure development. Moreover, higher FSI is being rallied for the densely populated areas in the city. A far lesser known but highly pertinent fact is that transfer of FSI is considered to be conveyance of property and hence taxed accordingly.
THE CONCEPT
FSI: A HARD LIMIT ON OVERALL SIZE
FSI & INFRASTRUCTURE
DISTRIBUTION OF FSI IN A CITY
REGULATORY BODY
DEVELOPMENT RIGHTS FOR FSI
ORIGIN OF TRANSFERABLE DEVELOPMENT RIGHTS
TRANSFER OF FSI: CONVEYANCE OF IMMOVABLE PROPERTY
FSI IN IT & ITeS PARKS
THE BONANZA: FSI OF 4
REDEVELOPMENT PROJECTS AND FSI
CONSENT OF FLAT OWNERS: NOT AN IMPERATIVE
PERIOD OF CONVAYANCE
DIFFERENT CITIES, DIFFERENT FSI
Charts & Tables:
A FAR OF 1.0
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