MMRDA allows apartments on commercial plots in BKC, Mumbai

MUMBAI: The MMRDA will allow apartments to come up on plots reserved for commercial establishments in BKC.

MMRDA is the special planning authority for BKC, which has emerged as the city’s leading commercial business district over the last decade. The area houses several important government offices and key private financial institutes like ICICI Bank and Crisil.

“We have offered floor space index (FSI) of 4 on plots reserved for residential and commercial use,” said a senior MMRDA official.

FSI determines how much can be built on a plot. On June 13 at an MMRDA meeting, chief minister Devendra Fadnavis approved a proposal to allow “residential properties” on plots reserved for commercial use.

MMRDA is likely to set a condition that residential component on commercial plot should not exceed 30 per cent of the total construction area. Also, the ground and first floor on residential plots will be allowed to have commercial space.

“Currently, BKC resembles a ghost town after the office hours. The move will make the place more vibrant for night life,” said a senior MMRDA official.

Residential properties will have demand as many people, who are employed in BKC, will prefer to work closer to their homes. It will also promote walk to work culture,” he added.

The state government is planning to house the International Finance and Services Centre in the area. “The upcoming financial hub will also spur demand. BKC’s close proximity to the airport and easier connectivity to Navi Mumbai is also a plus point,” the MMRDA official said.

The demand of residential properties is going to increase as BKC is going to on the route of the Metro 3 (Colaba-Bandra-Seepz) and Metro 2 (Dahisar-Ghatkopar-Bandra-Mankhurd) networks. The Railway Board has cleared the decks for the construction of the high-speed (bullet) train project. Corporate groups have been shifting their zone of operations to BKC considering its benefits. Currently, more than six lakh employees work in the commercial precinct.

Credits ET Realty

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