Discussing the implications, Gulam Zia of Knight Frank said the FSI premium will be charged at the current ready reckoner rates. He feels the new development plan is not well understood and fears that the new rule may throw the whole TDR (transfer of development rights) into a spin.
The real estate market in Mumbai is going through bad patch with the demand witnessing historic weakness, Zia said.
Pujit Aggarwal of Orbit Corporation expects the TDR market prices to rise. He feels the real estate market may look up provided the government walks the talk. "The government has to play an important role if they are looking at home for all by 2020," he said.
NM Gattu of DB Realty said the property prices will rise by 10-15 percent.
Below is the transcript of NM Gattu, Pujit Aggarwal and Gulam Zia's interview with CNBC-TV18's Menaka Doshi and Senthil Chengalvarayan.
Menaka: I am told there is an FSI premium announcement. There is an announcement that has to do with the development or the conversion of mill land to industrial land so to speak and there is something to do with increasing Ready Reckoner rates as well?
Zia: Most of these are regular announcements that keep coming in the Budgets. Unfortunately currently it has kind of coincided with the recent development plan (DP) changes that they have also brought in. So, currently there is huge amount of chaos all over because the new DP itself is not well understood and such changes in policy framework specially from planning angle bring in at least about an year or year and a half of interruption in the industry and that interruption would definitely mean that people will not be doing those transactions of buying land, selling land, TDRs, FSIs etc., that is the biggest worry.
Senthil: So, you are saying this Rs 5000 crore that the government is targeting will not happen?
Zia: I don't think so because at least for year, year and a half I don't see, especially in Mumbai. Mumbai all said and done is the biggest contributor to the real estate of the state. If Mumbai itself is passing through such a lull period then I doubt if they will be able to get this kind of money.
Menaka: Can you explain to us specifically what has happened outside of the DP and some of those issues we have spoken of earlier as well on the show? Can you explain to us what has happened on lets say the FSI premium front, what that means for builders, for home buyers?
Zia: When I read the Budget, whatever speech that was presented, it says that in different municipalities or municipal areas they would take a premium on the additional FSI that they give. Now at least in case of Brihanmumbai they are very specific that earlier it was 0.33 FSI that municipalities were collecting the money from developers or the guys who wanted to construct their houses, on the other side today they are saying that they will first of all increase that from 0.33 to 0.6 and then that will be charged on the current Ready Reckoner value. That 0.33 so far was charged at 2008 Ready Reckoner value which was very low in terms of what the current prices are. So, the intent is good. What they are saying is that instead of everybody else making money the government should also get money then in order to spend on the improvement of the state.
Menaka: I didn't get this 0.33 to 0.6, could you just explain that again?
Zia: In island city the FSI allowed was 1.3 and in the suburbs it was 1, with TDR it was going to 2 FSI . They jacked it up sometime back from 1 to 1.33 but that 0.33 was something which developer had to buy from the government instead of buying the TDR. Now they have made it to 0.6.
Menaka: So, now you can buy up to 1.66 but the rates for that 0.6 additional have been changed to new Ready Reckoner?
Zia: Correct, and the government will collect this. Two things, first implication is that the whole TDR market will go for a spin because earlier this area was bought from the open TDR market. So, that transfer of development right market will actually go completely berserk and government will collect that money which is a good intent. However as I said at least for year and a half I see huge difficulties.
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