10 Mumbai Metro interchanges may lead to FSI hike, boost property prices too

Mumbai Metro is slated for an upgrade with interchanges planned between the various proposed lines, at about 10 locations across the city including Andheri and Dahisar.

An interchange is a terminal where rail routes cross. Since it will be used by many more commuters, a periphery of the interchange will be planned later by the government. Officials from the civic Development Plan department say such development will push up the FSI for neighbouring areas, and thereby their real estate value.

“The government has announced an interchange section for the Metro and kept it aside for future development. This will be a periphery that could range up to 500 m from the station. Special FSI package may be announced for this area. While the base FSI will be the same — 1 in the suburbs and 1.33 in island city — the increment in FSI here could be up to 4 or 5. The remaining will have to be bought from the BMC by paying a premium,” said a civic official.

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At the proposed interchange sites, the government will draw a periphery within which a special development plan would apply. This is different from the transit-oriented development planned along the rail corridor which will also receive additional benefits.

“The government hasn’t made an announcement yet, but commercial premises are allowed an FSI of 5. Special planning is under way for the interchange section,” said the official.

By Varun Singh, DNA India