EXTRA FSI ISSUE 8K flats to hit market after BMC changes OC rules

Mumbai:Municipal commissioner Subodh Kumar has directed the building proposals department to issue Occupation Certificates (OCs) to buildings which have been constructed by purchasing additional 0.33 floor space index (FSI) in the suburbs.     There is a rider though; OCs will only be issued to those buildings which are ready and have fulfilled the mandatory building conditions stipulated by the civic body. 
    The directive will be a major relief for prospective flat buyers and developers. Almost 6,000 to 8,000 apartments will hit the market, with 166 projects getting an OC after languishing for the past two years. Paras Gundecha, president of the Maharashtra Chamber of Housing Industry (MCHI), said, "We hope that the chief minister issues a notification amending Regulation 32 of the development 
control rules to grant additional FSI on payment of a premium for all buildings. It will make us less dependent on the transfer of development rights (TDR)," said Gundecha. Nayan Shah of Mayfair Housing said that they will now be able to give possession to their buyers. "No OC means that the civic body will not supply water. How could anyone have stayed," said Shah. His two projects at Andheri and Borivli will now get OCs. 
    With a view to curb high TDR prices, the state government in 2008 decided to charge a premium for utilizing 33% additional FSI above the base FSI in the suburbs. A writ petition was filed in the Bombay HC, raising the issue of infrastructural inadequacy and change of character of the development plan if the state granted additional FSI to developers. The HC declared the notification null and void and restricted granting of commencement certificate to applications received after May 23, 2008. The government then issued an ordinance in September 2010, allowing the BMC to charge premium under the new rule