The property owners in Pune have a reason to smile as Devendra Fadnavis-led Maharashtra Government gave its approval to the Pune Metropolitan Region Development Authority [PMRDA] to grant transfer of development rights [TDR] to acquire land in the areas that are proposed to have infrastructure projects.
This sanction is the part of Development Control and Promotion Regulations [DCPR] and got thumbs up on December 10.
The transfer of land is a smart tool that will help the authority to facilitate both the infrastructural and urban growth as it revolves with the increasing development area for both residential as well as for the commercial development where the developers can carry out construction on the plots surrendered by the landowners.
On a mutual consent, the additional built-up area can also be transferred to another owner for a sum of fixed amount of money.
These new rules will impact on the allotment of FSI [floor space index] of 0.75 in regard with smaller plots for the development purposes. Also, this will increase the overall FSI of the region to 1.6 from 1.4. Also, this directly means that the scope for vertical growth in the city will also increase.
Apart from paving way for the infrastructural development, this move will also boost the residential sector and affordable sector in particular.
Also, a proposal is tabled to include housing mandatory for any development that covers more than 10,000 square kilometres of the land parcel within a radius of 10 km from the boundaries of the Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation.
The officials said that nearly, 20 percent of such land in projects will be kept the construction of affordable homes.