Mumbai - The proposed consolidated public transport fund will be used to finance all Metro projects across the Mumbai Metropolitan Region and chiefly in the city, said Nitin Kareer, principal secretary of the urban development department. There have been instances of money raised in Mumbai being used elsewhere earlier. MMRDA funds raised from the sale of land in BKC though meant exclusively for Mumbai's development have been in the past diverted elsewhere, including to pay cotton farmers.
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The fund is to be set up through money obtained as premium for additional floor space index (FSI). The state government has decided to charge 100% premium for development of properties on either side of the Metro route up to 500 metres. This will be applicable for the Dahisar-Mankhurd-Bandra-Dahisar-Andheri route (Metro II), the Andheri-East-Dahisar East route (Metro VII) and the Colaba-BKC-Seepz Andheri (Metro III) route. The area along the Versova-Andheri-Ghatkopar (Metro I) is not likely to be included.
The MMRDA, which is headed by the chief minister, will handle the fund. Currently, BMC charges 60% as premium for additional FSI. The 40% premium that will come on account of this decision will be deposited in the consolidated fund. "The money will be mainly used for executing the Metro projects but also for other transport infrastructure chiefly in Mumbai," he said.
The state's decision to increase premium on additional FSI is in line with the draft Development Plan for the city. The draft, which is being revised, has proposed higher FSI at transit nodes. Termed as 'Transit-Oriented Development', the area around railway stations and Metro routes will have an FSI going up to 8.
Source - TOI
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The fund is to be set up through money obtained as premium for additional floor space index (FSI). The state government has decided to charge 100% premium for development of properties on either side of the Metro route up to 500 metres. This will be applicable for the Dahisar-Mankhurd-Bandra-Dahisar-Andheri route (Metro II), the Andheri-East-Dahisar East route (Metro VII) and the Colaba-BKC-Seepz Andheri (Metro III) route. The area along the Versova-Andheri-Ghatkopar (Metro I) is not likely to be included.
The MMRDA, which is headed by the chief minister, will handle the fund. Currently, BMC charges 60% as premium for additional FSI. The 40% premium that will come on account of this decision will be deposited in the consolidated fund. "The money will be mainly used for executing the Metro projects but also for other transport infrastructure chiefly in Mumbai," he said.
The state's decision to increase premium on additional FSI is in line with the draft Development Plan for the city. The draft, which is being revised, has proposed higher FSI at transit nodes. Termed as 'Transit-Oriented Development', the area around railway stations and Metro routes will have an FSI going up to 8.
Source - TOI
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