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Gera in News

`Premium plans for extra FSI may hit redevpt projects'

Times of India - 18 March, 2015

`Premium plans for extra FSI may hit redevpt projects'


Will Be Pegged To '15 Ready Reckoner Rate, Govt Aims To Raise `5,000 Crore

The state hopes to raise Rs 3,500 crore to Rs 5,000 crore by charging a premium on additional floor space index (FSI) sold to builders across Maharashtra, said state finance minister Sudhir Mungantiwar on Wednesday .

Later speaking to mediapersons, chief minister Devendra Fadnavis said the premium rate charged so far was frozen at the ready reckoner (RR) rate of 2008.Developers, though, had submitted affidavits that as and when the rate is increased, they would pay the difference to the government.

Fadnavis said developers did not pass on the benefit of the low premium rate to consumers. “We are now demanding our share from the money that is pocketed by builders,“ he said.

The CM said the premium will be based on the RR rate of the current year. He said it is still to be decided whether it should be applied in phases across the state.

Till date, the government sells premium FSI at around 30% of the property RR rates of 2008. The government has now decided to fix the new price linked to the 2015 RR rates and charge builders 60% of these.

Last month, Fadnavis had told TOI his government hoped to earn annual revenue of around Rs 7,000 crore through this sale. “Builders currently buy this at Rs 4,000 a sq ft, but sell their apartments at Rs 20,000 a square foot. Why can't our government earn more revenue out of this?“ he had said.

Builder Sunil Mantri said the increase will hit redevelopment projects. In Bandra, for instance, the government's premium on FSI could be as high as Rs 9,000 a sq ft, he added. “This will make redevelopment projects financially unfeasible for builders.“

Construction sources said the move will benefit a cartel of private players who deal in this premium FSI, more commonly known as TDR (transfer of development rights). “If private players sell it at Rs 5,000 to Rs 6,000 a sq ft at present, why would any builder shell out Rs 9,000 a sq ft to buy it from the government?'' they said.

Developers have the option of buying 33% of TDR, also known as premium FSI, from the government at a cheaper rate than what private sellers charge. The rates are bound to change market equations. Today , a developer constructing in the suburbs can use 1 FSI and load an extra FSI of 1 by buying TDR from the market. In 2008, the state decided to sell 33% of this TDR as premium FSI so that builders' dependence on private players reduces.Now, it plans to sell 67% of this TDR as premium FSI. TDR, mainly generated from slum redevelopment, is available for Rs 6,000 a sq ft.

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First of all I would like to thank  you  and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I  took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend  the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned   it  has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..

My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days.


It's a wonderful experience with the tennis academy and my daughter liked it. Also she is getting good training and love for the game.
The coaches are good and we would continue using their expertise for Nishita going onwards. We are also looking forward for signing (actually instrument) and dancing coaching too.


This is to share with you that both my little girls (Aditi Anisha) are really enjoying their Tennis classes at the Mahesh Bhupathi Tennis Academy.
I always find them very excited whenever there is TENNIS CLASS, and this excitement matters to both of us, as the kids seems to be interested.
It’s nice to see them constructively engaged, and coming home happy and having felt productive in their own child little way. It’s a great way for them to bond with other young ones and feel belonged to a larger community.
Thanks to You, Gera Developments and MBTA for giving our young ones, an opportunity for a wonderful learning experience.
Now they are looking forwar..

Regarding the workshops & different academy sessions, it has been wonderful experience so far for Shlok and we’re looking forward for the new opportunities.
It’s absolutely fantastic to have all these academies in the premises, and that too from the renowned personalities, so we can send kids without worrying about other factors like safety & all.
And most importantly, a big thanks to you for the lovely follow-ups & timely updates about the upcoming/ongoing sessions.