Gurgaon Real Estate gets a double boost as govt hikes FAR for residential plots

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The Haryana government has unveiled a two-pronged measure to create more space for housing in its cities by allowing plot owners to increase ground coverage as well as purchase additional floor area ratio (FAR).

This means the state’s urban spaces, particularly NCR cities like Gurgaon and Faridabad, will get both taller and more congested as the state rakes in a revenue windfall through sale of FAR.

The changes were announced through a new policy notified by the department of town and country planning (DTCP) on May 6.

The increase in FAR approved by the government is in the range of 0.35 to 0.80, depending on the size of the plot. Owners of large residential plots and those converted for residential use through change of land use certificates have also been allowed to increase ground coverage.

So, if a plot’s earlier FAR was 1.65 and is now 2 (see box), it means that for a 100 square metre plot, an owner who was allowed to build up to 165 sq m can now go up to 200 sq m.

“The FAR and ground coverage norms for residential plots being followed by DTCP were framed way back in 1977 and, with the passage of time, a need was felt to revise the same in view of the ever increasing housing demand in urban areas,” said additional chief secretary P Raghvendra Rao.

He said representations had been made to the government for revision of FAR and ground coverage norms from time to time. The government felt the demand was justified because land is scare and costly and more FAR will allow vertical growth.

“The objective behind revising the norm is to make intensive utilisation of urban land and preserve agricultural land,” said a senior Huda official, adding acquisition of farmland over the years had strained the coffers of government agencies because of the high rates of compensation.

The additional FAR will be purchasable. “It will be applicable to licenced colonies and Huda sectors. The revenue generated through it will go to municipal corporations or Huda,” said a senior government official in Chandigarh.

The new norm will come in handy for MCG, which is in the process of taking over developed Huda sectors in the city. MCG will earn money through additional FAR in these areas.

Source: ET Realty

 

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Zricks.com is a simpler way to search for Residential and Commercial projects & properties across India with over 5000+ Projects, 1000+ Properties, 2500+ developers, 1500+ Agents, 8000+ Localities. Check out Walkthrough, Compare, QnA & Brochure page to see what everyone is talking about.

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