Maha Govt To Offer 2.5 FSI As Incentives For Low Cost Housing Project

2.5 FSI will be allowed to the development projects undertaken under PMAY where tenements shall be constructed for the Economically Weaker Section (EWS) and Lower Income Group (LIG).

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Maha Govt To Offer 2.5 FSI As Incentives For Low Cost Housing Project

In a bid to boost affordable housing projects in private sector, the Maharashtra government has decided to adopt a policy of offering incentives by allowing 2.5 Floor Space Index (FSI) to all the low-cost housing projects taken up under the Pradhan Mantri Awas Yojana (PMAY) across the state.

Moreover, the projects on agriculture land and no development zone have also been permitted with 1 FSI for constructing affordable houses. Such projects also shall avail subsidy of Rs 2.5 lakh per home from the government and all the other benefits prescribed under PMAY.

Floor Space Index (FSI) typically indicates how high a developer can build on a plot. It is the ratio of total built-up area to the size of the plot.

Also Read: Maharashtra Sustainable Living Policy For Affordable Homes

The state urban development department (UDD) on Monday issued a draft notification allowing the changes in the development control regulations (DCR). The final notification will be issued be after a month as the department has sought suggestions and objections from the people.

The notification said 2.5 FSI will be allowed to the development projects undertaken under PMAY where tenements shall be constructed for the Economically Weaker Section (EWS) and Lower Income Group (LIG), subject to the certain rules and regulations such as the approaching road shall be of 15 metre.

Also Read: Agreement With Realty Bodies & Maharashtra To Develop 9 Lakh Affordable Houses

The project shall not fall on forest land, environmentally sensitive zone or having coastal regulation restrictions. The notification further permits affordable housing projects on agriculture land and plots coming under no development zones with 1 FSI for constructing the small houses.

Principal secretary, state urban development department, said the decision was taken by the state cabinet last year, which says if a private person wants to construct houses for the EWS and LIG on his own land then he will get 2.5 FSI under PMAY scheme.

Also Read: Magnetic Maharashtra, Rs 1.5 Lakh Crore In Affordable Housing For Navi Mumbai

PMAY permits private developers to sell 50% houses at the rates of their choice while the rest of the houses have to be sold at the rates determined by the government agency Maharashtra Housing and Area Development Authority (MHADA).

Source Link- https://www.hindustantimes.com/.

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