Few takers for extra built-up space at BKC, scheme extended by a year

The cash-strapped Mumbai Metropolitan Region Development Authority (MMRDA) has extended for another year — till March 2011 — a scheme that gives additional built-up space to developers of projects in the commercial business district of the Bandra Kurla Complex (BKC).

Last May, the MMRDA increased the global floor space index (FSI) in BKC’s 178-hectare G-block to 4 from 2, meaning that projects over a plot area of, say, 1,000 sq m could have a built-up area of 4,000 sq m.Developers wanting to use the FSI, over and above what they were allowed at the time of buying the plot, were to pay a premium by March 31 2010.

Of the 18 that applied and were granted the additional built up area, however, seven have either not paid the premium yet or have decided not to use the additional built-up area at all. Only ING Vysya Bank, Oriental Bank of Commerce and IDBI have made a full payment. The rest have opted for installments over five years at 10 per cent interest annually.