Devendra Fadnavis: Higher FSI will help create more jobs and revenue

CM Devendra Fadnavis

Chief minister Devendra Fadnavis has justified a higher FSI (floor space index) of 5 for commercial structures in Mumbai saying this decision will help the city create more jobs and revenue. "We have approved a higher FSI because the precincts where we have been expecting commercial centres to grow, have, instead, seen a constant growth of residential buildings. The higher FSI should shift developers' attention to the commercial components now," he said, while replying to a debate on the last day of the monsoon session in Nagpur on Friday.

'To create more jobs'
Fadnavis said Mumbai is the commercial capital of the country, and it should be paramount for any government to ensure that the status continues to stay with the metro. "Industrial revival is not possible in the city. The only way out is to ensure growth of commercial centres that create more jobs. The places that were financial hubs have now been converted into residential places," he said.

'Bold decision'
The Opposition had accused the government of favouring builders in approving a higher FSI. The house also discussed Mumbai's Development Plan which is being corrected in accordance with suggestions and objections.

Fadnavis dismissed the allegation. "Someone needed to take a bold decision and we took one. Around 70% of the land in the city cannot be developed. We will have to accommodate all in the remaining 30% land at our disposal," the CM said, adding that the developer would not get permission to construct a commercial or compensatory component unless he created affordable housing stock. Fadnavis said the definition of affordable housing would be reworked to the benefit of home buyers in this category.

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