Realty developers urge govt to increase Floor Area Ratio
In order to create more affordable housing, the real estate industry on Tuesday urged the government to increase the Floor Area Ratio while developing infrastructure across the country.
By PTI |
NEW DELHI: In order to create more affordable housing, the real estate industry on Tuesday urged the government to increase the Floor Area Ratio while developing infrastructure across the country.
At a national conference organised by the Confederation of Real Estate Developers' Associations of India (CREDAI), various developers, consultants and experts emphasised the need to increase the Floor Area Ratio for creating housing for all.
"If we really want to change the quality of life of poor and create housing for them, we have have to increase the Floor Surface Index (FSI) (or FAR)," Hiranandani Constructions Pvt Ltd Managing Director Niranjan Hiranandani said.
He suggested that the FSI should be increased to between 4-6 in the country.
However, Urban Development Expert Chandrashekhar Prabhu viewed that before increasing the FAR, infrastructure in the country should be developed first.
"Infrastructure is the key issue. First develop the infrastructure and then increase the FSI," he said.
Global real estate consultant CB Richard Ellis Chairman and Managing Director Anshuman Magazine also opined in the same way and said: "Ideally infrastructure should have been developed first and then FAR be increased. But unfortunately in India, it is not happening."
The prices of the properties have gone through roofs because of supply constraints, Magazine said, adding "... the only solution is to increase FAR and develop infrastructure simultaneously."
He said that the current average FSI in the country is between 1.25 and 2.
DLF Group Executive Director Rajeev Talwar also favoured a change in the existing FAR norms.
At a national conference organised by the Confederation of Real Estate Developers' Associations of India (CREDAI), various developers, consultants and experts emphasised the need to increase the Floor Area Ratio for creating housing for all.
"If we really want to change the quality of life of poor and create housing for them, we have have to increase the Floor Surface Index (FSI) (or FAR)," Hiranandani Constructions Pvt Ltd Managing Director Niranjan Hiranandani said.
He suggested that the FSI should be increased to between 4-6 in the country.
However, Urban Development Expert Chandrashekhar Prabhu viewed that before increasing the FAR, infrastructure in the country should be developed first.
"Infrastructure is the key issue. First develop the infrastructure and then increase the FSI," he said.
Global real estate consultant CB Richard Ellis Chairman and Managing Director Anshuman Magazine also opined in the same way and said: "Ideally infrastructure should have been developed first and then FAR be increased. But unfortunately in India, it is not happening."
The prices of the properties have gone through roofs because of supply constraints, Magazine said, adding "... the only solution is to increase FAR and develop infrastructure simultaneously."
He said that the current average FSI in the country is between 1.25 and 2.
DLF Group Executive Director Rajeev Talwar also favoured a change in the existing FAR norms.
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