Know The Basics About Fungible FSI
The additional ground area developed by the builder over and above the FSI limit imposed by the government is known as the fungible floor space index (FSI). Continue reading to learn more about fungible FSI and the rules governing it.
The extended improvement over and beyond the allowed restrict known as the Fungible FSI is created when a developer builds anything past the permissible FSI restrict and expands the built-up area. To improve, contractors must purchase the opening from the town authority. Premium FSI is another name for Fungible FSI.
As per the standard, the fungible FSI may no longer exceed 35 percent of the ground area for residential properties and 20 percent of the ground area for commercial and industrial properties. Anything outside the purchased area is considered illegal, and the builder could suffer severe penalties like high fines, the destruction of their work, or even incarceration.
With the introduction of the revised Development Control Regulations (DCR) in 2012, the concept of “Fungible FSI” was modified to include areas like balconies, flowerbeds, terraces, and niches. The government substituted extra built-up space for a top class to make up for the developers’ loss.
The highest rate charged is a percentage of the area’s long-standing Ready Reckoner Rate (RRR). Residential properties, for example, appeal to 60% of the RRR as a fungible FSI fee. Similar to this, the expenses for commercial and industrial features are 80 and 100 percent of RRR, respectively. Additionally, the street next to the plot must be at least 30 feet wide to qualify for the fungible FSI.
The built-up area, which often depends heavily on the Floor Space Index, is the space that is covered by utilizing all of the floorings in a building (FSI). For instance, if a land parcel has a total area of 3,000 square feet and the FSI set by the authorities is 4, the builder may erect up to 12000 square feet of ground space on the available plot. However, if the builder builds something over the designated FSI or distinct area, in this case, 12000 square feet, it is the Fungible FSI.
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