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Lodha Developers stand to make substantial profits by the now-defunct public parking norms awarded to the 17-acre Mumbai property acquired by them from DLF for Rs 2,700 crore.
The parking norms (2008) permit them to go up to four FSI (floor space index) in lieu of building a public parking lot. It permits up to 50 per cent of the built-up space of the public parking constructed on the property as incentive FSI. However, the parking lot must be handed over to the Brihanmumbai Municipal Corporation free.
The Maharashtra Government later amended the norms to introduce a premium on the space availed to cap both the incentive as also the height of the parking lots to four floors, besides two levels in the basement. Before the additional FSI for parking was scrapped in 2011, the Government granted permission to about 11 projects — of which the 17-acre plot bought by Lodhas from DLF was one.
Civic amenities
The norms were withdrawn following complaints that developers tend to build towering skyscrapers using the incentive FSI and overburdened the already inadequate civic amenities.
In the case of the Lodhas, the 17-acre mill land totals an area of about 7.40 lakh sq ft and the company said that it would build 50 lakh sqft on the property.
The permissible norms allow an FSI of 1.33 in the island city in which case it could be no more than 11 lakh sqft.
This, of course, is open to incentive FSI such as for redevelopment of dilapidated residential buildings (according to Section 33 (9) of the DCR) as also hospitality structures.
“We will be building around 5 million sq ft in 17 acres. This 5 million includes the FSI from GCP. The design is being studied right now and we will be able to provide further details on the same in a couple of months,” said a response from Lodha Developers.
However, the response steered clear of queries on the FSI the company hoped to achieve on the property as also the number of car parks to be provided in the public parking facility. Mr Anand Gupta of the Builders Association of India said it was not clear on how they would go about the project.
However, he felt Section 33 (9) could be applicable as higher FSI of as much as 6.5 could be permissible in case a hotel project was to come up in the premises.
It must be said that parking lots for 5,000 cars and 40 lakh sq ft-plus area of mixed-use development on 7.40-lakh sq ft land could bring the entire civic amenities of the locale (lower Parel) to a near halt, swamping it by mere numbers of men and machines.
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