Maharashtra CM Devendra Fadnavis has announced the sanction of 2 Floor Space Index [FSI] to redevelop the old building structures in old Thane area which will benefit the local residents in the city at large. The residents appreciated the sanction of increased FSI as this will boost the property rates in the locality.
Currently, the realtors have to buy TDR and premium FSI for redeveloping the area as the existing FSI of 0.5 which is financially not feasible. But, with the approval of 2 FSI for the structures in Old Thane city, the experts are also expecting a positive outcome for the real estate market here. This move to increase FSI by the State Government has also opened doors for private players to enter the Thane property market.
According to the survey carried out by Thane Municipal Corporation, nearly, 4,700 buildings of the city are in dangerous condition. The municipal corporation although pulled out more than 59 out of the 69 buildings from the dangerous state before the monsoon season hit the city last year. Mumbra, Wagale Estate and Diva are some of the areas that have most of the unsafe buildings but Naupada area has the maximum number of dangerous buildings in the city which counts up to 61 as extremely dangerous buildings. Apart from the local residents, the leader from a ruling party also welcomed the sanction of 2FSI [Floor Space Index].
The buildings that were 30-years older have been evacuated and the residents have been rehabilitated to a different place in the city. Hence, the increased FSI will give a new direction to the redevelopment work of the same.