The City and Industrial Development Corporation (CIDCO) is looking for a new source of revenue as its board has resolved to make an amendment in the General Development Control Regulation (GDCR) to supports its infrastructure projects. However, the amendment will need approval from the state government.
Dr. Sanjay Mukherjee, vice-chairman and managing director of CIDCO, tweeted a string of tweets and informed about the major development.
He posted, “The Board of CIDCO limited has resolved to make an amendment in the GDCR for its Navi Mumbai project area to grant additional FSI for the Metro corridor. This is in line with the Government of India’s Transit-Oriented Development (TOD) policy and Government of Maharashtra’s TOD.”
In another tweet, Dr. Mukherjee said that the cost of Navi Mumbai Metro Rail is primarily to be met by CIDCO land monetisation. This move will enable better value capture and make the project better viable. Such policy has already been approved by the state government for the Nagpur and Pune Metros.
If the move is approved by the state government, a radius of 500 meters from the Metro station can be developed up to 4 FSI, depending upon the availability of other infrastructures like the width of access roads.
Real estate experts feel that the move will make land along the Metro corridor more worthwhile. “If the proposal gets approval from the state government, the planning agency can use the land for commercial purposes,” said a developer from the city.
The Rs 7633 crores Metro project was delayed due to multiple reasons and now the CIDCO appointed Maha Metro to complete the remaining works. However, over the period, the cost of the project increased and now in order to make the project viable, the CIDCO is exploring revenue sources.
