Maha offers major sop for Dharavi redevelopment
Offering a major sop to the developer of the Dharavi Redevelopment project, the state government will grant additional construction rights (known as fungible FSI) free of cost. The decision could cost the government over Rs 1,000 crore in revenue.
The government allows 0.35 fungible FSI free of cost for the rehabilitation component of all redevelopment projects. It, however, charges 50% of the Ready Reckoner Rate for the sale component in case it is a residential project and 60% of the Ready Reckoner Rate if it is a commercial project.
The Dharavi Redevelopment project, which was approved by a cabinet decision in 1999 has still not taken off because it has been found to be economically unviable.