Properties along metro to get extra FAR unit at premium

Picture for representation only

The state government is now working towards levying an impact zone premium floor area ratio on properties falling within a one-kilometre radius of the metro and the proposed monorail. Properties in this impact zone will also get one unit of extra FAR. Floor area ratio is the ratio of the usable area of the building to the area of the land on which it is built.

This will replace the maximum FAR-4 on properties, which was imposed along the metro corridor. The reason for imposing this new form of FAR along projects around the prime infrastructure corridors is because they gain the maximum from this development.

"It will allow commercial properties along the prime infrastructure projects to go vertical and make financial gains. Through this, the government also aims to earn more revenue for its upcoming infrastructure projects," said a government source, seeking anonymity.

The draft was issued on March 9 and the final proposal now awaits government clearance. With this, the Urban Development Department will amend the existing zoning regulation rules under the Karnataka Town and Country Planning Act, 1961, and the Bangalore Development Authority's revised master plan-2031, which is yet to be implemented.

The proposal explains: "Impact Zone Premium FAR means that additional FAR will be permitted after collecting additional fees within the impact zones of light rail transit system (LRTS) and mass rapid transit system (MRTS), as specified in the Karnataka Planning Authority Rules, 1965. Properties in the impact zone will be entitled to one unit of extra FAR as premium FAR over and above the permissible FAR, subject to a minimum road width of 12 metres."

The source said the exact rates are still being finalised. Citing an example of how it is being calculated, he explained that the land rate will be divided by the existing FAR and 45% of that value will be the cost of the impact zone premium FAR a person will have to pay.

According to the proposal, this new FAR cannot be claimed for plots on which building bylaws have been violated. This FAR will be permissible for all types of uses and not restricted to commercial alone.

Procedure for granting Impact Zone Premium FAR

  • Applicant shall apply to local/planning authorities along with NOC from BMRCL to avail it
  • The local/planning authority will scrutinise the proposal with reference to the zoning regulations
  • Applicant shall remit the fee through a demand draft to the local/planning authority and it shall be kept in a separate head account
  • The local/planning authority shall maintain an independent register, detailing the cases of granting the new FAR

 

Liked the story?

  • 1

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 1

    Angry

Comments:

Properties along metro to get extra FAR unit at premium

0 comments

Write the first review for this !